Home buyers in Sutton Borough will pay £4,136 less in Stamp Duty under new Coalition reforms, research by the Liberal Democrats has shown.
The new system - announced at the Autumn Statement last week - is based on a long-standing Liberal Democrat policy and will significantly reduce the cost of moving house.
People buying homes worth less than £935,000 will now pay less Stamp Duty than they did before, whilst those buying the most expensive properties will pay more.
For the average buyer in Sutton the tax will fall from £8,797 to £4,661.
It means families buying a home costing £293,222, the Sutton average, will save £4,136.
Tom Brake said:
“Stamp Duty has often been a prohibitive extra cost which has discouraged many people from buying a house they can call their own.
“First time buyers and young families struggling to get their first home will benefit enormously from this tax change.
“It’s fair, it’s sensible, and it has been a long-standing Liberal Democrat policy - one we have now delivered in Government.
“It will help thousands realise the simple dream of owning a home.”