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Stamp Duty Changes - What does this mean for you?

Written by Redrow

8 Jul 2017

The UK Government has made significant change to the Stamp Duty legislation which now means there has never been a better time to make your move with Redrow.

What is Stamp Duty?

Stamp Duty is a tax paid by the purchasers of buying properties which is held in England and Northern Ireland. 

The amount handed to the government depends on where you are in the UK, price of the property and whether you are a first time buyer. 

A Stamp Duty holiday is a welcome change for prospective buyers, meaning you don’t pay any Stamp Duty on homes worth less than £500,000, saving you up to £15,000 when you move.  

Below is a breakdown of how much % SDLT you will pay on a property based on its value:

  • Up to £500,000 - 0%
  • The next £425,000 (the portion form £500,001 to £925,000) - 5%
  • The next £575,00 (the portion from £925,001 to £1.5 million - 10%
  • The remaining amount (the portion above £1.5 million) - 12%

We understand that buying your home would be the biggest purchase in your life and budgets may be stretched even before you are given your keys. 

However, this change will mean you have more money in your pocket which will allow you to open new doors and furnish your new home the way you want it. 

Your dream home could now become a reality

With this change you will no longer need to compromise on furnishings and extras you need but instead, get the ones that you want to make your house a home that you have worked so hard to own. You deserve this so why not treat yourself? With MyRedrow you can choose your extras that you have been longing for which may have previously been out of reach.

Even more rooms to play with

As more of us are working from home at the moment how do you like the thought of having your own home office that works for you? Need that additional space with an extra bedroom or bigger garden? Or even an out the way utility room? With the additional money that you will save, there will be even more options to love living in. 

Put on a show

Enjoy being the host with the most room for guests in your new Redrow home. You’ll always find us in the kitchen at parties…With those extra pounds saved, that kitchen you have always imagined having will be the place where everyone wants to be. So, finding any excuse to invite friends and family round has never been more tempting. 

For those who would rather spend time on their weekends unwinding, the benefits of not having to pay for Stamp Duty could help make the most of your evenings in. Whether that would be getting lost in front of the TV with a new box set or treating yourself to a pamper night in your beautiful new bathroom.

Add those finishing touches

Wine coolers, underfloor heating, hot water taps are just some of the added luxuries that MyRedrow has to offer. So why not indulge in our designer finishing touches from the names of Laura Ashley, Amitco, Siemens and Vigo. You can now create your perfect home just the way you like it!

Calculate what you could save here and then visit MyRedrow to turn your dream home into your home.

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