Stamp Duty cut predicted to boost sales in Boston

George Osborne PPP-140710-124347001
George Osborne PPP-140710-124347001

The housing market in Boston will benefit from a boom after the cut in Stamp Duty, according to a town estate agent.

George Osborne swept away the old system last week in favour of a new ‘graded’ system which mirrors the income tax system.

From now housebuyers only pay a percentage of the value of their home, with the first £125,000 exempt.

Matthew Clarke, branch manager of Thomas Campbell Estate Agents on Fish Hill, said the firm is ‘really excited’ by the change.

He told The Standard: “As a direct result of this, we are forecasting a noticeable increase in sales in the first quarter of 2015.

“Usually, we would expect to see this surge in the spring and of course the busy summer months but due to the General Election in May, there is uncertainty of the amount of time which people will have to take advantage of this hence the forecast being in the earlier part of the year.”

His optimism was echoed by Chestnut Homes’ managing director David Newton.

He said: “The changes to stamp duty will be a great boost for the housing market and will make a real difference to our buyers.

“There are various costs which buyers need to cover on top of their deposit – everything from legal fees and surveys to hiring a removal van – and stamp duty is just more money which they need to find on top of everything else.

“So we welcome these changes, which will help make it more affordable for buyers to get moving to a new home.”

Chesnut Homes is behind a number of developments in the area including the 500-home Quadrant in Wyberton.

Boston and Skegness Conservative candidate Matt Warman says the Stamp Duty announcement will definitely benefit voters. He told The Standard: “When I was campaigning up in Skegness last month, one of the first things voters asked for was a cut in Stamp Duty; when I was in Boston on Saturday, a senior accountant told me he thought Stamp Duty distorted the market.

“Reforming it means 99.8 er cent of people across the East Midlands will pay the same or – more likely – considerably less. It will boost our local housing market and save hardworking people money on buying a home. And cutting income tax will lift many low-paid workers out of income tax altogether.”

He said the fuel duty freeze will also make a difference to us, being a rural area that is heavily reliant on transport for personal and business, and hailed extra cash going to the NHS.

Mr Warman added: “This is excellent news for hardworking families in Boston and Skegness. The fundamental reform of Stamp Duty will cut taxes for the overwhelming majority of people trying to buy a house here – and the personal allowance rise and change to the ISA rules back people who want to work hard and save.

“This Autumn Statement confirms the Government’s long-term economic plan is working. This matters to families here in Boston and Skegness because it’s only with a strong and healthy economy that families here can have economic security for the future.

“We must carry on working through our plan and stay on course to prosperity.”