Corby estate agent urges home-movers to act now before stamp duty rise

Local leading estate agent, Belvoir Corby, says that first-time buyers, home-movers and investors should start their property journey now to avoid being impacted by the changes which could see thousands added to their moving fees.

Currently, properties with a purchase price of up to £250,000 are exempt from any stamp duty charges. However, under the new changes, from 1st April this threshold will lower to £125,000 with a 2% stamp duty fee then applied to the portion from £125,001-£250,000.

Stamp duty fees will also rise to 5% on the portion of property from £250,001-£925,000; 10% on the portion from £925,001 to £1.5 million and 12% for the remaining amount on properties priced above £1.5 million.

When it comes to first time buyers, currently there is no stamp duty payable up to £425,000. But, from 1st April the stamp duty threshold for first time buyers will lower to £300,000. This means that first-time buyers will begin paying stamp duty on property worth more than £300,001, with a 5% stamp duty charge applied to the portion of a property from £300,001 to £500,000.

According to Rightmove, over the last year the average sale price of a home in Corby was £230,242. Based on this figure, a buyer will be asked to pay an additional £2104 in stamp duty fees when the new structure comes into effect.

“The stamp duty changes coming into force on 1st April will have a big impact on those looking to buy property,” comments Belvoir Corby’s managing director, Bobby Singh Braich.

“That’s why we’re urging those who are thinking of moving to act now to complete on their dream property before the deadline to avoid paying higher stamp duty charges.

“So, if you need help searching for the perfect property, we recommend dropping into our George Street office to speak to one of the team. Our experienced staff are on hand to help home buyers navigate their way through what can often be a stressful time in moving and will be able to answer any questions you have about the new changes in stamp duty fees.”