Stamp duty move ‘benefiting 112,000’

The change in the lower threshold for stamp duty from £125,000 to £175,000 just over a year ago has benefited 112,000 buyers, new research has found.

Halifax revealed that this amounted to 31 per cent of all purchasers, along with 27 per cent of first-time buyers.

In the latter case, only 17 per cent had to pay the tax after the change was made, compared with an estimated 43 per cent had it remained as it was.

Housing economist for the lender Martin Ellis observed that the tax alteration has been helped by falling values.

He noted: “Lower prices have also brought some properties below £175,000, therefore making the purchasers of such properties exempt from stamp duty whereas they would not have been a year ago.”

Those keen to buy a property have until the end of the year to do so before the lower threshold reverts back to £125,000.

Earlier this month, Ray Boulger, a spokesman for mortgage brokers John Charcol, argued that the stamp duty rate should be increased to a base threshold of £250,000.

Leave a Reply

Your email address will not be published. Required fields are marked *