 |
Property website, SmartNewHomes.com, estimates that stamp duty for those buying a first home in the South of England averages £7,533. London first-time buyers are paying the most, at an average of £12,184.
The figure for the south is almost five time higher than in the north of the country, while in the East Midlands stamp duty costs those getting a foot on the property ladder a mere £2,130.
David Bexon, managing director at the website, points out that average new home price in the south-west, south-east and London falls into the 3% stamp duty threshold.
The current £250,000 and £500,001 stamp duty bands have been in place since July 1997, since when the percentage charged on properties in the £250,000 to £500,001 band has doubled from 1.5% to 3%. For properties above £500,000 it has doubled from 2% to 4%.
This month’s Budget disappointed both house purchasers and mortgage lenders who have been calling for a reform of the tax.
The Chancellor’s only concession was to those who will have an opportunity to purchase their first home through a shared equity scheme. Stamp duty will not be payable until they own 80% of the equity in their homes.
Asking prices rise as housesellers ignore market realities
Rightmove has reported that in March, the average asking price of a UK home rose 0.8%, or 1,799, to 239,655. The property websites commercial director, Miles Sh...
Rates increase on empty commercial property
The Government is warning owners of empty commercial property that vandalism aimed at avoiding paying increased rates will not be tolerated. From April, local a...
Commercial property values continue decline
Songbird Estates, the commercial property firm that owns over half of Londons Canary Wharf, has reported that the value of its property fell by 4.3% in the seco...
Housing market predictions shift as credit crunch continues
The latest house price index from Nationwide shows that the cost of the average UK home has declined almost 7,000 since October of last year. In March, the inde...
Part-exchange - a different way to move house
A slowing housing market has led some vendors to look into the benefits of part-exchange, also known as PX among the UKs housebuilders. In recent years, tens of...