New data from myhomemove has revealed that in the six months since the introduction of the Stamp Duty Land Tax reforms on December 4th 2014, UK homeowners have saved £701million.
The changes to how stamp duty is levied cut the tax for the 98% of people purchasing homes under £937,500.
The research carried out by myhomemove illustrates the large savings made by UK homeowners since the reforms, with each house buyer below this level saving an average of £1,400.
Doug Crawford, CEO of myhomemove, comments: “The stamp duty reforms have saved UK home buyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the general election.
The changes have a particularly positive impact on those struggling the most to get onto the property ladder, first-time-buyers, as they can now save more money towards a deposit for their purchase.
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