Would-be buyers choosing to rent due to stamp duty rises |
27 2008 |
| An increased number of potential first-time buyers are likely to stay in the rental sector for the time being as stamp duty costs soar. The problem is particularly acute in the south of England, where new figures show that the stamp duty for those buying a first property now stands at an average of £7,533, with this rising to £12,184 in London. This is because the average price of a new property in London and the south-east falls into the three per cent stamp duty threshold, thereby making it even more difficult for people to make the move from renting to purchasing a property. According to research carried out by the website SmartNewHomes.com, the average stamp duty cost is now around five times higher in the south of the country as it is in the north, while the recent Budget has done little to ease the burden on potential home buyers. These figures come soon after a study by Halifax found that the average first-time buyer paid stamp duty in 99 per cent of local authorities in the south of the country, with many people opting to rent while they save up for such additional costs.  |
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