George Osborne has announced that from midnight, the current system, where the amount owed jumps at each threshold level, would be replaced by a graduated rate, working in a similar way to income tax. 

Under the new regime, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5 million and 12 % on everything over that.

If you are wondering how this may affect you as a seller or buyer please contact a member of the team at Cobbles Estate Agents on 01483 457000.