Andrew Stunell MP and Lisa Smart, Prospective MP for Hazel Grove, have welcomed the news that home buyers in Stockport will now pay over £600 less in Stamp Duty under new Coalition reforms, announced in the Autumn Statement last week.
The new system is based on a long-standing Liberal Democrat policy and will significantly reduce the cost of moving house.
Lisa Smart, Prospective MP for Hazel Grove, said -
“Stamp Duty has often been a prohibitive extra cost which has discouraged many people from buying a house they can call their own. This reform will help first-time buyers and those young families in Stockport who desperately want to get their feet on the first rung of the property ladder.”
“It’s fair, it’s sensible, and it has been a long-standing Liberal Democrat policy - one we have now delivered in Government. This change will help everyday families and individuals realise the simple aspirational dream of owning a home.”
For the average buyer in Stockport the tax will fall from £1893 to £1286. It means families buying a home costing £189,312, the local average, will save £607.
People buying homes worth less than £935,000 will now pay less Stamp Duty than they did before, while those buying the most expensive properties will pay more.
Commenting, Andrew Stunell MP said –
“This reform will not only make house-buying less expensive for home-owners, but also end the price distortions that the old system created. Anything that makes home-owning easier has to be excellent news for those saving up for their first home.”