As the Prime Minister of the UK changes this week, an overhaul of the property market could also be ignited.
It is believed Boris Johnson hopes to change Stamp Duty for most homeowners in the country (apart from the most expensive homes within the upper 10% of the property market) with a possible scrap to Stamp Duty on homes under £500,000 and halving tax payable on those homes above this threshold. The changes could leave house buyers with a possible saving of up to 1% on their Stamp Duty. Not only could these changes put the property market back in the hands of the buyers, it could also kick start the house buying process for first time buyers, as well as downsizers.
It would be fantastic if this does indeed happen. A much needed boost to the property market and economy has been very long awaited.
Whilst Boris Johnson pledged to return stamp duty for prime property to levels set before the changes were made in 2015, Onward aim to further help primary residences above £500,000 by halving the current SDLT. This would mean most prime home buyers will be saving an additional 1% on their stamp duty obligations compared with pre-2015 levels