The change to Stamp Duty announced by Chancellor, George Osborne, has been welcomed by Bellway Homes Wessex Region Sales Director, Sandra Barton.

 

“This is a change to the system that is long overdue and we are delighted it has at last been addressed. The rising price of homes over the past decade has made the tax totally outdated and unfair on so many buyers. This proportional system will mean that buyers will potentially save thousands of pounds on their home purchase.”

 

Under the new system property stamp duty will apply only to that part of the property price that falls within each band which is set at 0% paid for the first £125,000 then 2% on the portion up to £250,000 5% up to £925,000, then 10% up to £1.5m; 12% on anything above that, saving £4,500 on an average priced home.

 

“With the changes being introduced so swiftly it is likely to see more activity at this time of year than is perhaps usually the case and we expect to see a very strong start to 2015,” added Sandra.

Bellway are currently building in Portsmouth, Littlehampton, Eastleigh, Bognor Regis and Romsey and will soon be building in Hayling Island, Havant, Yapton, Weymouth, Blandford and Poole.

Further information can be found by visiting www.bellway.co.uk