Martin & Co, the local property agent with offices in both Crewe and Nantwich, has welcomed the surprise announcement by Chancellor George Osborne that a total overhaul of how stamp duty is charged will be effective from midnight tonight.
In his Autumn statement this afternoon, it was revealed that a new sliding scale system will be used to calculate the tax, which is payable on purchases of £125,000 and above.
Martin & Co Director Shaun Cafferty was 'pretty supportive' of the move, and felt it would help stimulate much of the housing market in Crewe and Nantwich especially, given the typical house prices in the area.
He told us: 'Its a long overdue reform of a tax that was badly designed and unfair. Its especially going to benefit many buyers in the £125,000 to £250,000 bracket, which is the part of the market that we are most active in. Its only at around the £1 million and upwards houses that buyers could end up really worse off. I think that some agents who deal mainly in higher end properties will be disappointed that it doesn't do more for them, but this change will benefit lots of South Cheshire people looking to buy and sell 2 and 3 bedroom properties. In many cases, it is going to be cheaper for first time buyers and young families, as well as investors, to buy properties in Crewe and Nantwich, and that can't be a bad thing!"
Sales and Investments Manager at Martin & Co, Paul Rowley, added:
"It looks like people already in the process of buying a property will be able to choose whether the old or the new calculation method is used. But in every sale that we have going through, the stamp duty will be less under the new system. If anyone is unsure how this will affect them, they can always give us a call whether they are using us or not, we will be happy to help explain it."