A fifth of Britons are paying 3% stamp duty so the Halifax has revealed.
The bank considered house prices across England and Wales post code areas and discovered a 281% increase in those paying 3% plus in stamp duty. This adds about £7,500 to the cost of buying a home.
Stamp duty is set at 1% on all homes that are worth more than £125,000. This goes up thrice to 3% for all properties sold at more than £250,000 plus. This again rises to 4% for homes sold at more than £500,000.
The lower threshold has increased from £60,000 to £125,000 in the past few years, yet there has been no increase in the higher thresholds since 1997, with more people becoming liable for the higher tax bands.
The Halifax calculates 3.5m properties in England and Wales, a fifth of homes, are worth more than £250,000, with 600,000 valued at £500,000.
It calculated that 64% of homes are valued at more than £250,000 and 77% of properties valued at more than £500,000 are in London or the south-east.
Those purchasing homes in Hull, Manchester and Bridgend are least likely to pay stamp duty, with 98% of properties in those areas worth less than £125,000.
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A Fifth of Britons Pay 3 Per Cent Stamp Duty
Mon, 05 Mar 2007
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