Newspaper article The Journal (Newcastle, England)

Agent Slates Figures on North East Stamp Duty Beneficiaries

Newspaper article The Journal (Newcastle, England)

Agent Slates Figures on North East Stamp Duty Beneficiaries

Article excerpt

Byline: Jo Blakemore

FEWER than half of house-buyers in the North East will benefit from the new stamp duty rules, a report has claimed.

That figure contrasts with more than eight in 10 buyers gaining in London, the South East, the South West and the East of England.

The findings are from Nationwide Building Society which released them after analysing property sales data from the Land Registry over the past year for England and Wales.

It looked at parliamentary constituencies to pinpoint exactly how the overhaul of stamp duty unveiled in December could impact on house sales in the coming months. Across England and Wales, more than two-thirds (71%) of house sales are likely to benefit from the changes, while 2% will involve more stamp duty being paid, according to Nationwide's estimates.

The figures indicate that the reforms are likely to have a much larger impact on the housing market in Southern areas of England than the rest of England and Wales.

In the North East, according to the Nationwide, the percentage of transactions expected to see a benefit is 45%, the percentage seeing no change is 54% and no one will pay more.

But Duncan Young, of Sanderson Young estate agents, has poured scorn on these findings.

He said: "This is a very misleading story indicating that the North East only has 45% of transactions benefitting from the new reforms in stamp duty. This figure is low because of the many people who don't pay stamp duty now and will not pay in the future.

"If the article was to ask what percentage of people paying stamp duty on the old rates are now better off than before, then the North East region would have more than 99% of buyers better off! The new system has been a good stimulus to the housing market which continues to grow in confidence."

Homes worth more than PS125,000 are liable for stamp duty and the benefits of the changes tend to be greater in areas where average house prices are higher. …

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