South hit hard by stamp duty, says Halifax

Those living in the south if England have been hit hardest by stamp duty costs due to thresholds not keeping in line with increases in the prices of homes, Halifax has stated.

Research by the bank has established that while four regions - Wales, Scotland, the North (north-east and Cumbria) and Yorkshire and the Humber - have average prices for first-time buyers that still fall below the one per cent threshold of £125,000.

In contrast, new entrants to the housing market have to pay the tax in 99 per cent of local authority areas in the south, with those in London having to pay higher rates of the tax in 20 out of 32 boroughs.

Those living in the south may wish to consider the self build option as a way of not having to pay stamp duty at all, as well as obtaining a house at lower cost.

Halifax used the figures as the basis of a plea for stamp duty thresholds to be raised in the budget this week.

Last week the Association of Mortgage Intermediaries made a similar call.


© Adfero Ltd