Stamp Out Stamp Duty!
Did you know that more than a quarter of homebuyers in England and Wales are currently paying Stamp Duty at 3%!? This is a minimum of £7,500 worth of Stamp Duty being paid according to the latest study by the Taxpayers Alliance.
Currently 0% Stamp Duty is paid on properties bought below the value of £125,000 but between £125,000 and £250,000, a 1% Stamp Duty bill will be incurred. Recent news suggests that house prices are on the rise again which means higher Stamp Duty bills for each homebuyer, consequently more people are paying the higher Stamp Duty rate of 3% which is charged on properties worth between £250,000 to £500,000. Not forgetting the 4% Stamp Duty that’s payable on properties worth between £500,000 to £1 million and the huge 5% on properties valued between £1 million to £2 million pounds then the astronomical Stamp Duty charge at 7% for properties purchased over £2 million.
According to the Taxpayers Alliance, 723,829 residential properties were bought in 2012 to 2013 and a massive 182,692 of homebuyers (that’s over 25%) paid the Stamp Duty price of over 3%. In London 65% of all residential properties bought had to pay a Stamp Duty rate of 3% or higher. The figures for the rest of the country paying more than the 3% Stamp Duty are as follows; South East 39%, East of England 27%, South West 24%, West Midlands 12%, East Midlands 10%, North West, Humber and Yorkshire 9% and both Wales and the North East 6%.
Do you think the Government should introduce another Stamp Duty holiday? Did you purchase a property during the most recent Stamp Duty holiday and was it a deciding factor for you as to whether you could afford to buy your property?
Amanda McGovern, Pali Ltd
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