This is great news for buyers in NI, it will result in a saving for nearly everyone bar the super rich!
The average house price in NI is roughly £140,000, in this scenario buyers would be paying 1% of the property’s price (£1,400) whereas the will now only pay £300! Buyers will only pay tax on the amount above £125,000 and not their full purchase price. See below for table:
This a long with only needing 5% deposit to buy a home is fantastic. Getting on the property ladder will now be more affordable with less upfront costs. With the market currently improving this will only help boost further the NI property market.
Now is a great time to purchase with interest rates also at an all-time low i.e. 10% deposit rates now starting at 2.99%.