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Families buying homes in Hinckley and Bosworth will pay on average £774 less in Stamp Duty – Cllr Michael Mullaney

December 16, 2014 3:31 PM

Home buyers in Hinckley and Bosworth will pay £774 less in Stamp Duty under new government reforms, research by the Liberal Democrats has shown.

The new system - announced at the Autumn Statement - is based on a long-standing Liberal Democrat policy and will significantly reduce the cost of moving house.

People buying homes worth less than £935,000 will now pay less Stamp Duty than they did before, while those buying the most expensive properties will pay more.

For the average buyer in Hinckley and Bosworth the tax will fall from £1,727 to £953.

It means families buying a home costing £172,662 the local average, will save £774

Cllr Michael Mullaney said:

"Stamp Duty has often been a prohibitive extra cost which has discouraged many people from buying a house they can call their own.

"This reform will help first-time buyers and those young families who desperately want to get their feet on the first rung of the property ladder.

"It's fair, it's sensible, and it has been a long-standing Liberal Democrat policy - one we have now delivered in Government.

"This change will help everyday families and individuals realise the simple aspirational dream of owning a home."