I have been sent some figures on the benefits from lower Stamp Duties from the Chancellor’s recent changes. Wokingham is one of the places which benefits strongly from these alterations, with 93% of all property transactions experiencing savings in costs. Stamp Duty Land Tax on the average home transaction in Wokingham falls from £8000 to £6100, a decline of £1900 or 24% of the tax payable.
I urged the Chancellor to make these changes, through speeches, articles and on my website. I always thought it wrong that Stamp Duty went up by forcing people to pay the higher rate on the whole cost when a home went just above one of the tax thresholds. This has now been changed. With MP Ann Main I held a backbench debate on this topic to demonstrate Parliamentary support for reform, which also helped make the case.
There is more to do to help more people buy their own home, but this cut in tax is a good start.