Buyers purchasing a property in the last 12 months are typically £4,500 better off owing to the stamp duty changes of a year ago, a lender says. Stamp duty was reformed to a more progressive system in England and Wales last December. The changes saved tax for most buyers but dampened demand at the top end of the market, the Halifax said. The lender said that the total tax levied in the UK rose to a record £7.5bn in 2014-15. "The changes made to stamp duty a year ago have been of significant benefit to many buyers," said Craig McKinlay, mortgages director at the Halifax . "Only those purchasing the most expensive homes are worse off. There is some evidence that the top end of the market has been adversely affected by the changes with sales over £1.5m falling by twice as much as the market as a whole." Sales in the first six months of the year were 10% down on the first half of 2014, but there was a sales decline of 20% for properties selling for...
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