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News - 21 January 2015

Stamp Duty changes means saving for buyers

According to figures released from the Mortgage Advice Bureau (MAB), home buyers are saving an average of £1,300.

Buyers in the South East and London are saving the most, about £3,870 and £4,600 respectively, according to the National Mortgage Index.

In the North West the savings average £1,059, or 3% of a deposit.

But in Scotland, where the average house price is £248,000, buyers are saving just £12.19.

"The changes mean the market can grow on a surer footing, and we now have a more sensible approach to stamp duty in place," said Brian Murphy, the MAB's head of lending.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“Tighter affordability criteria imposed by banks have fuelled higher down-payments, but the stamp duty savings may also have contributed. The typical mortgage applicant's deposit in December made up 30.7% of the purchase price, according to the research.”

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, contact Lavinia Newman, Stuart Coleman or Liz Kennett to discuss how ABDS can help

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients and
mindful of their long term strategic goals

Helping Your Business is Our Business

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