UK Money News
10th March 2008
First time buyers stung by stamp duty
First time buyers now pay almost double the amount in stamp duty compared with just five years ago, new data has shown.
A study conducted by Halifax found that the average paid out in stamp duty has grown from £960 in 2002 to £1,751 last year.
The increase can be attributed to the exponential growth in house prices during the period, which has meant that more and more first time buyers are liable for the charge.
Martin Ellis, Halifax's chief economist, said the findings highlighted the need for the existing thresholds for the duty to be adjusted and for a new system to be used to calculate them.
He said: "We call on all political parties to raise the stamp duty thresholds, and to index them for house price inflation in the future."
First time buyers in London were found to be most likely to liable for stamp duty, with two-thirds paying between three and four per cent last year.
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