Stamp Duty Reform Brings Savings to Conroy Brook Customers 

Major reforms to stamp duty, announced by the Chancellor George Osborne yesterday as part of the government’s Autumn statement, has been welcomed by Yorkshire housebuilder Conroy Brook.

Sales Director, Jon Bailey, said: ''We welcome this fairer system, for many of our customers it will mean a saving of at least £2000, so it's great news.''

As a result of the changes, stamp duty will now be introduced at a graduated rate, replacing the current “slab system.” The changes will mean that stamp duty will be cut for 98% of home buyers who pay it.  

The changes are outlined below:

Property Value (£)

Stamp Duty before 4 Dec (£)

Stamp Duty after 4 Dec (£)

Saving (£)

100,000

0

0

0

150,000

1500

500

1000

200,000

2000

1500

500

Average price paid by first time buyer:

   

210,000

2100

1700

400

250,000

2500

2500

0

Average UK house price:

   

275,000

8250

3750

4500

300,000

9000

5000

4000

350,000

10,500

7500

3000

400,000

12,000

10,000

2000

450,000

13,500

12,500

1000

500,000

15,000

15,000

0

 

HBF’s executive chairman Stewart Baseley commented: "HBF has long called for the abolition of the stamp duty slab system that caused distortions in the market, penalised buyers and influenced what builders could build. The slab system also did wider economic damage because it impeded labour mobility. 

Whilst we need to study the overall impact of the proposed changes the new system, which will benefit 98% of home buyers, is fairer and more practical and will help stimulate activity in the housing market, as well as helping to boost the production of new homes."

To read the full Autumn statement click here.