Tax doubles for first time buyers

The figures also show most first time buyers in the south and east of England paid stamp duty, while less than half of those in the northern regions had to pay the tax. The average first time buyer paid £1,751 in stamp duty during 2007, compared with just £960 in 2002, a rise of 82%. Halifax has joined others in calling on the Chancellor to raise the stamp duty threshold in Wednesday’s budget to take account of rapid rises in the price of property. Across the UK, stamp duty bills were equivalent to around 6% of average gross earnings, while in London, the costs shot up to 21%, with the a...