Stamp duty shake-up in Autumn Statement

A long overdue shake-up of stamp duty has been announced in the Chancellor’s Autumn Statement today.
George Osborne said that the tax will be cut for 98% of homebuyers when he made the annual statement to the House of Commons.
It is a major boost for homebuyers, househunters and the property market – and is due to come into effect from midnight tonight.
The current system – with amounts owed jumping at each threshold level – will be replaced by a graduated rate, or sliding scale.
It means that the new stamp duty rates will only apply to the part of the property price that falls within that particular band.
The new rates mean that nothing will be paid on the first £125,000 of a property price and then 2% on the next portion of the property up to £250,000, 5% up to £925,000, 10% on the portion up to £1.5million and 12% on everything over that.
Under the old regime, stamp duty rates were zero on properties up to £125,000 and 1% on homes from £125,001 to £250,000.
The rate was 3% on homes on £250,001 to £500,000, 4% on £501,000 to £1million, 5% on £1,000,001 to £2million and 7% on £2,000,001 and above.
If you are in middle of buying a house, don’t worry; you can choose the old or new rates.
Mr Osborne also told the House of Commons that UK growth was set to be 3% this year.
Other measures included money for flood defences and roads infrastructure, a freeze on fuel duty, an increase in the ISA threshold from £15,000 to £15,240 next April and a review of business rates.
The shake-up of stamp duty is long overdue and should be of benefit to the many customers we help buy their own home every year, particularly through our surveys department where we provide an expert and fast service.
We’ve seen a 40% increase in demand for our surveys in 2014 but have also recorded a rise in demand for our other property-related services for private, public and commercial clients.
Our expert, experienced and friendly staff can offer a wide range of support, including comprehensive surveys, architecture, design, project management, risk assessments and conservation.
We also have our own in-house structural engineer with many years of experience.
You can always contact any of our team for a free no-obligation discussion about how we can help you.
Call 02392 697 193 or email [email protected] or visit our Team page on this website to contact an individual member of staff directly.
You can also follow us on Twitter @McAndrewMartin, connect with us under our company profile on LinkedIn and like us on Facebook.

A long overdue shake-up of stamp duty has been announced in the Chancellor’s Autumn Statement today. George Osborne said that…

11th June 2024

Is your supply chain secure?

Disruption of critical infrastructure is becoming more and more prevalent with hackers targeting UK Government departments directly, with recent high profile and high impact attacks on the NHS (link) and UK MOD Payroll (link). Whilst the obvious targets would seem to be in the defence environment, hackers are looking to…
4th June 2024

McAndrew Martin proudly supports Thomas Bennett CC Fundraiser

McAndrew Martin proudly supports Thomas Bennett CC Fundraiser for St Catherine’s Hospice At McAndrew Martin, we believe in supporting our local communities. Recently, we were approached by our client, BAM FM, with a request to support the inspiring children of Thomas Bennett CC about sponsoring their efforts to raise funds…
28th May 2024

Empowering Future Engineers: Max Marshall inspires students at TBS, Ascension Island

At McAndrew Martin, we believe in nurturing curiosity and inspiring the next generation of engineers. Recently, our very own graduate engineer, Max Marshall, visited TBS (Two Boats School) on Ascension Island to engage with Year 11 students, to shed light on the fascinating realm of structural engineering. Max, who has…
23rd April 2024

Mc Andrew Martin Limited has been awarded a place on the Framework for Worldwide Electrical Inspection & Testing Programme

We are delighted to announce that following a rigorous tender process, Mc Andrew Martin Limited has been awarded a place on the Framework for Worldwide Electrical Inspection & Testing Programme in the Asia region covering a range of FCDO assets in some highly prestigious countries such as Hong Kong, Malaysia…
15th April 2024

A Glimpse into the Minds of our winners of the McAndrew Martin Ltd Staff Awards

As we celebrate the successes of the past year at MML, it’s time to recognise the outstanding individuals who have played a pivotal role in our achievements. Today, we have the privilege of hearing from some of our award winners as they share their thoughts and reflections. Lee Sergeant –…
4th April 2024

Bastion Protects as Partner of the Year

At our recent End of FY Presentation event, MML were delighted to invite our trusted partner Bastion Protects and present them with the award for MML’s Partner of the Year.Over the past 12 months, MML and Bastion Protects have joined forces on over 100 projects throughout the UK, consistently surpassing…
4th April 2024

McAndrew Martin Ltd completes MBO, backed by private equity firm Roycian Ltd

Roycian, the Private Equity firm backed by a portfolio of private investors and family offices, completes £7million MBO of specialist property services business, McAndrew Martin Ltd. Founded in 1989 by Bill McAndrew, McAndrew Martin is an award-winning, multi-disciplinary property services business, with its headquarters in Cosham, Hampshire. The business provides…
21st March 2024

Welcoming Dave Sykes as Director of Security

McAndrew Martin Ltd is excited to announce that David Sykes has joined our team as Director of Security to lead our new Security consultancy business. With 22 years in the British Army in security and intelligence roles, and a further 11 years supporting blue chip clients in UK, Dave brings a wealth…
13th March 2024

McAndrew Martin Ltd.’s Inaugural Staff Awards Ceremony

The inaugural Staff Awards Ceremony, hosted at the Portsmouth Marriott Hotel, marked a significant milestone in McAndrew Martin Ltd.’s history. Employees gathered for an afternoon dedicated to celebrating staff members’ efforts and providing crucial updates on the company’s direction. Here’s a brief recap of the afternoon: Bill McAndrew, our founder,…