If you are looking to sell your house fast, then you should know the stamp duty bands here in the UK, as they can affect the speed at which you sell your house. You should be aware that if your house is up for sale at £250,001 or above, then the buyer has to pay 2% more in stamp duty than if it was £1 cheaper at £250,000, which mounts to a lot of money and could therefore put off potential buyers:
Here are the bands
up to £125,000 - 0% (no stamp duty)
£125,001 - £250,000 - 1%
£250,001 - £500,000 - 3%
£500,001 or more - 4%
Jill Livingstone of East London said " I wanted to sell my house fast and thought we had it on the market at a very reasonable price of £255,000, but no one came to view it, I then saw an article on stamp duty and realised I was just above the threshold of 3%, so I reduced the price to £250,000. Within days I started getting viewings and have since accepted an offer"
So there you have it, be aware of the bands!
Watch out for my blogs next week where I will show you how to check whether your area is stamp duty exempt
