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Stamp duty changes: Gloucestershire mum 'desperate' to move | |
(3 days later) | |
Florence Stokes is waiting to collect the keys to her new home | Florence Stokes is waiting to collect the keys to her new home |
A single mother who has temporarily moved back in with her parents before buying her own home has said the upcoming change to stamp duty is "worrying". | A single mother who has temporarily moved back in with her parents before buying her own home has said the upcoming change to stamp duty is "worrying". |
Florence Stokes, 37, is waiting to get the keys from a house in Bussage, Gloucestershire, after facing multiple difficulties with previous deals falling through. | Florence Stokes, 37, is waiting to get the keys from a house in Bussage, Gloucestershire, after facing multiple difficulties with previous deals falling through. |
The project manager is concerned her move could be delayed past 1 April when the amount of stamp duty paid by some buyers increases, possibly costing her an extra £4,000. | The project manager is concerned her move could be delayed past 1 April when the amount of stamp duty paid by some buyers increases, possibly costing her an extra £4,000. |
"It's huge, especially with just my son and me," she said. | "It's huge, especially with just my son and me," she said. |
Ms Stokes was living and working in London, but decided to leave her "tiny" one-bed house in the capital after switching to remote working. | Ms Stokes was living and working in London, but decided to leave her "tiny" one-bed house in the capital after switching to remote working. |
She has temporarily moved back into her childhood home with her parents while waiting to find a bigger house. | She has temporarily moved back into her childhood home with her parents while waiting to find a bigger house. |
'I'm still here' | 'I'm still here' |
"I was planning for it to hopefully be just for a few months before I could buy somewhere else, but two years later, I'm still here," she said. | "I was planning for it to hopefully be just for a few months before I could buy somewhere else, but two years later, I'm still here," she said. |
Since moving home, Ms Stokes said she has seen three property purchases fall through. | Since moving home, Ms Stokes said she has seen three property purchases fall through. |
Now on her fourth attempt, she is facing delays as the people she is buying her new three-bed house from are being held up in a chain. | Now on her fourth attempt, she is facing delays as the people she is buying her new three-bed house from are being held up in a chain. |
"I'm expecting [to exchange] in mid-March, but I'm worried it could be later," she said. | "I'm expecting [to exchange] in mid-March, but I'm worried it could be later," she said. |
In April, house buyers in England and Northern Ireland will start paying stamp duty on properties over £125,000. | In April, house buyers in England and Northern Ireland will start paying stamp duty on properties over £125,000. |
First-time buyers currently pay no stamp duty on homes up to £425,000, but this will drop to £300,000. | First-time buyers currently pay no stamp duty on homes up to £425,000, but this will drop to £300,000. |
The changes were announced by the government as part of the budget last year. | The changes were announced by the government as part of the budget last year. |
The stamp duty changes will come into force from 1 April | The stamp duty changes will come into force from 1 April |
Alex Kell from financial advisors Quayside Wealth Management in Gloucester, said he thinks the stamp duty change is "going to impact a lot of people". | Alex Kell from financial advisors Quayside Wealth Management in Gloucester, said he thinks the stamp duty change is "going to impact a lot of people". |
"I think it'll encourage people to get on and move before the changes come in, or make them think about whether they're going to move at all," he added. | "I think it'll encourage people to get on and move before the changes come in, or make them think about whether they're going to move at all," he added. |
James Birt, marketing director of estate agent Naylor Powell, said he is not worried that the changes will "stop the market". | James Birt, marketing director of estate agent Naylor Powell, said he is not worried that the changes will "stop the market". |
"I think they're going to speed up this first quarter and they're going to make people move," he said. | "I think they're going to speed up this first quarter and they're going to make people move," he said. |
"Once we get over the initial disappointment of people missing the April deadline, we'll probably return back to a more normal market again." | "Once we get over the initial disappointment of people missing the April deadline, we'll probably return back to a more normal market again." |
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