Stamp Duty

[getpooh]

I am selling my house valued at £265000. I know that stamp duty land tax (stamp duty) is 1% up to 250000 and 3% above 250000 on the entire value of the property. By this calculation I would get less money if I sold it for 255000 than if it sold for 250000. Buyers are reluctant to go above the 250 figure and keep saying its because of the stamp duty. Are they just saying this to get me to sell it for 250 or is this an issue with all properties being sold in the region just above 250? If so is there anyway to legally reslove this issue? Also who actally pays the tax the seller or buyer?

[smurfchops]

The buyer pays the tax. Obviously they would rather pay 1% than 3% as properties over £250,000 have a 3% stamp duty levy. You will get more interest in your home if you put your property on the market for up to £250,000. Expect to be knocked down from £265,000 in any case.

[smurfchops]

By the way its very quiet at the moment, expect sales to pick up when the weather improves, say february onwards.

[buildersmate]

You've got little chance trying to sell at the asking price. You either need to be at a price point around £280k (if the property truly justifies it) or at £250k. Every property at a price in between will initially be perceived as an invitation that the seller is looking for £250k.