Bath MP, Don Foster, has welcomed the news that home buyers in Bath will pay just over £4,000 less in Stamp Duty under new Coalition reforms, research has shown.
The new system – announced at last week’s Autumn Statement – is based on a long-standing Liberal Democrat policy and will significantly reduce the cost of moving house.
Commenting, Don Foster MP, 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 in Bath who desperately want to get their feet on the first rung of the property ladder.”
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 Bath and North East Somerset the tax will fall from £8,854 to £4,756.
It means families buying a home costing £295,125, the local average, will save £4,098.
Commenting further, Steve Bradley, Lib Dem PPC for Bath, said: “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.”
