Estate agents are facing a busy new year advising buyers and sellers about the advantages available under changes in the stamp duty system, which was announced by Chancellor George Osborne in his Autumn Statement.

Century 21 director, Dan Pennington says the South Liverpool agent has already advised several house buyers and sellers about the changes to the system because many of them are unaware of the savings that could be made.

The new stamp duty system means higher rates are paid on any value over the threshold of £250,000 instead of on the entire value of the home. This continues for thresholds up to nearly £1 million, meaning buyers will pay less than under the previous system in most cases.

Dan says: “A lot of people do not even know about it but some have mentioned it and want to know about the new rules. It’s particularly important sellers know about it because while December is a slow time for house sales, the new year sees an increase in instructions. Under the new stamp duty system sellers need not be afraid of some of the brackets and barriers previously in place.

“The new rules mean different things to different buyers but the rule of thumb is that anyone purchasing a property under £937k will be paying less stamp duty under this new system than the old one.”

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