Live Chat

Would you like to chat to a member of our team? We have members of our friendly team currently online ready to answer your questions or to arrange a viewing. If you do not wish to chat now the option is always available during opening hours by clicking 'Live Chat' at the top of any page.

Sheffield Estate Agents: Stamp Duty Reform is here!

Sheffield Estate Agents: Stamp Duty Reform is here! Following our Stamp Duty blog in 2012,, the Chancellor has today announced the abolition of the slab structure of the stamp duty system.

Currently, buyers pay 1% stamp duty on properties worth more than £125,000 and then 3% on the full value of a property worth over £250,000 and 4% on the whole value on properties purchased for over £500,000 (even more when the value is £1m or more).

From midnight, a new and much fairer system will come into play:

No stamp duty will be payable up to the first £125,000 for everyone!

2% will then be payable on the portion in the £125,000 to £250,000 bracket

Followed by 5% on the portion up to £925,000

(10% up to £1.5m and 12%for anything over that)

The Chancellor said 98% of buyers will benefit and will pay less under the new structure in a tax cut worth £800m a year.

As an example of the old stamp duty system versus the new.

Say a property is purchased at £310,000. Under the current system, the buyer would have paid £9,300.

From midnight, under the new system, this will be approx £5500, giving the buyer a saving of £3,800!