Halifax calls for stamp duty threshold to be raised

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Halifax calls for stamp duty threshold to be raised

Halifax has called on politicians to raise stamp duty thresholds in line with house price inflation, taking into account both past and future rises.

After meteoric rises in house prices over the last decade, homebuyers in 29 per cent of local authorities (LAs) have been left with stamp duty bills equivalent to more than 20 per cent of average annual gross earnings.

That is a rise of 15 per cent from five years ago.

Over the past half a decade the number of properties valued at over £250,000 and therefore falling in the higher stamp duty bands has increased significantly, from 1.8 million in 2002 to 5.5 million in 2007.

Halifax found that if the higher stamp duty threshold had been increased in line with house price inflation since 1997, the £250,000 band limit would be raised to £720,000, while the £500,000 limit would be raised to £1,440,000.

Revenue from stamp duties levied in residential property sales rose by 40 per cent last year alone, taking it to a record £6.4 billion.

Last week the National Association of Estate Agents (NAED) also called for a revision to the stamp duty scale, voicing concerns that first-time buyers already priced out of the market are being unfairly penalised by the tax.
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