Homebuyers in the South of England are paying up to five times as much on stamp duty than those in the North, according to SmartNewHomes.com.
The website claims the costs of stamp duty are driving people out of London and the South East and boosting populations in other regions.
According to SmartNewHomes.com, the average stamp duty bill in the South is £7,533 higher than in the North.
The highest average stamp duty bill is seen in Greater London, at £12,184, while the East Midlands has the lowest bills, with an average of £2,130.
“New home buyers in the South East are being penalised for living in the most expensive parts of the UK,” says David Bexon, managing director of SmartNewHomes.com.
“Average new home prices in the South West, South East and London all fall into the 3% stamp duty tax threshold.”
Bexon claims stamp duty is particularly problematic for first time buyers, with the average bill rising 82% in the last five years to £1,751, while first time buyers in London face bills of up to £8,000.
He says the price of property across the UK is far above the £125,000 stamp duty exemption and the Government needs to alter the out of date tax thresholds.
If you would like to comment on this story, contact:
Tel: 020 7484 9805
e-mail: [email protected]
Cautious, Balanced & Dynamic Growth
Cowardly, boring or sensible
Latest news and analysis
‘Most significant’ upgrade since launch
Changes happening over coming months