Stamp duty shake-up triggers surge in interest for both home buyers and sellers, reports Yorkshire Agent

Homebuyers and sellers across North and West Yorkshire are already busy cashing in on historic stamp duty reforms just days after the Chancellor announced the measures in the Autumn Statement.

The changes mean that 98 per cent of buyers will pay LESS tax on property purchases.

The move has been welcomed by Linley & Simpson, whose 10-branch network of offices are witnessing a surge in interest in house buying - and selling.

“This has already triggered an unexpected benefit to the sales market, whereby first-time purchasers, and indeed the vast majority of purchasers, will not have to save for such large sums of money in addition to the deposit,” said the company’s Head of Residential Sales, Mark Christopher.

“It will bring more first-time buyers to the market more quickly in 2015 and this will add an extra dimension to the resurgence in house sales we have seen in the past 12 months.

“Our offices have already received many enquiries requesting advice about the amount now payable for stamp duty - a benefit which adds to the stimulus and motivation of buyers at traditionally a slower period of activity.”

He added: “Smoothing out the thresholds will also benefit properties with capital values at around the £125k, £250k and £500k marks, and will make them more attractive - although in the short term it is too early to predict any impact on prices.

“However vendors with this capital value can now benefit and bring their property to market quickly so that it will be the choice for current active viewers - and stay one step ahead of the rush to sell and buy that we are bracing ourselves for.”

According to Linley & Simpson, the stamp duty changes and less onerous costs of purchase will also stimulate buy-to-let investors to accelerate their return to the marketplace.

Mr Christopher said: “Overall, this is excellent news for both sellers and buyers and should have a positive impact on 2015 property market throughout Yorkshire.”

Click here to visit our stamp duty calulator.

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