MIKE COADY

Financial Expert | Business Excellence | Growth Expert
Mike is an award-winning financial expert and a well-known leader in the financial industry.Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.In addition, Mike is a well known Independent Financial Adviser and Money Coach. Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.
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New UK Stamp Duty reform welcomed by property investment experts

Mike CoadydeVere New UK Stamp Duty reform welcomed by property investment experts

New UK Stamp Duty reform welcomed by property investment experts

UK Chancellor George Osborne’s Autumn Statement this week was, it can be reasonably assumed, an attempt to win over middle class voters ahead of next year’s general election.  One way he has attempted to achieve this aim was with the introduction of Stamp Duty reforms that are set to reduce purchase costs for 98 per cent of UK property buyers.

The deVere Group Mortgage team has studied the changes and reached the conclusion – the UK government Stamp Duty reform is a welcome measure for UK property buyers.

Previously, Stamp Duty was levied in fixed bands that had the effect of creating false ceilings of value.  Under the previous Stamp Duty system, vendors tried to avoid marketing their homes at or around the banding limits. This created a bunching of properties at certain prices, distorting their true market value.

The Stamp Duty rethink means that properties will now be taxed on a progressive basis which goes like this

 

Property purchase price                              Rate paid

                                                             (on part of the price within each band)

Up to £125,000                                       0%

Over £125,000 up to £250,000                  2%

Over £250,000 up to £925,000                  5%

Over £925,000 up to £1.5m                      10%

Over £1.5m                                             12%

 

This fundamental change will mean the majority of property buyers will now pay less Stamp Duty.  For sure, there’s never been a better time to buy – and never been a better time to get in touch with us to discuss how to add or manage property investments in your portfolio. 

Our advice and expertise will see you through the nuances of this reform and head you in the right direction to take advantage of the new progressive rates.

Even if you’ve already exchanged but not yet completed, speak to us first and see how we can help you achieve your goals.

deVere Group also specialises in expat mortgages, with an unrivalled product range specifically designed to help British expatriates wishing to purchase property in the UK with every aspect of the buying process.  In recent times, we have seen growing demand from our clients around the world for real estate investment services and products.  I’m confident that the Chancellor’s announcement on Stamp Duty will fuel this further.

Contact deVere United Kingdom for more information at mortgages@devere-uk.co.uk or telephone +44 8458625700

Click here for my LinkedIn profile and Twitter account.

Mike Coady
Mike Coady

Mike is recognised at the forefront of financial planning as a financial advice mentor who demands only the best outcomes for both individuals and businesses he works alongside.

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