UK Money News
25th March 2008
Stamp duty burden hitting buyers in South
Buyers of new build homes in the south of England are being hit by punitive levels of stamp duty, a new survey has shown.
A study conducted by SmartNewHomes found that the average price of a new build home is five times as high in the south of the country as it is in the north.
This means that the bill for residential stamp duty is in turn five times as much.
David Bexon, managing director of SmartNewHomes, said: "New home buyers in the south-east are being penalised for living in the most expensive parts of the UK.
"Average new home prices in the south-west, south-east and London all fall into the three per cent stamp duty tax threshold."
The high stamp duty levels in the south are prompting migration, with buyers leaving the area up 6.3 per cent and 7.2 per cent in the south-east and London respectively, Mr Bexon added.
Conversely, the north of the country has seen inward migration rise by 6.7 per cent.
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