A Burnham-On-Sea estate agent says the Chancellor’s decision to reduce stamp duty on house sales is already benefiting buyers in the town.
Paul Hale from CJ Hole in Burnham High Street says: “Since the Chancellor’s Autumn Statement and the change in stamp duty levy we have already experienced a feeling of excitement and anticipation with purchasers already reaping the rewards.”
“Two recently exchanged property transactions in Burnham have seen savings of £700 each.”
“As agents we see the major change locally on properties that have been forced to stay below £250,000 due to the stamp duty increasing from 1% to 3% on the total value.”
“The recent change means buyers paying over £250,000 for a property could save themselves over £5000.”
“The previous stamp duty thresholds have always proved to be a stumbling block but now the new thresholds could see property prices creep above £250,000.”
He added: “This year has been another successful year and confidence in the local market remains strong and although house prices in Somerset have risen 4.2% annually buyers are still looking to secure the right property at the right price and the saving in stamp duty can only assist with successful negotiations between buyers and sellers.”
