The average first-time
buyer currently pays more than £1,000 in stamp duty, and almost a third
of us don't even know what it is.
More than half of first time buyers dont put put cash aside for stamp duty
– and a third of those looking for their first home don’t even know
what it is.
Last year 30% of buyers went over budget because they hadn’t calculated
the cost of stamp duty. The survey also found that finding the money to pay
the tax created delays in a quarter of all first home purchases.
STAMP DUTY EXPLAINED
Stamp duty is Government tax of 1% on the value of houses priced between £120,000
and £250,000.
The amount rises to 3% on properties priced between £250,000
and £500,000 and to 4% over£500,000.
The Government currently makes £4 billion each year on stamp duty, with
the average UK house price currently around £162,000, which is rather
a lot of tax revenue.
The sustained house-price boom of recent years has resulted in a rise in property
tax.
The average first-time buyer pays more than £1000 in stamp duty –
equivalent to around two weeks-worth of their annual income.
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