Southern home buyers "penalised" on stamp duty

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Southern home buyers "penalised" on stamp duty

Buyers of new homes in the south of the UK are paying £7,533 more in stamp duty than those in the north, according to the latest SmartNewHomes.com index.

Currently, the average residential stamp duty bill in almost five time higher in the south than it is in the north, with London paying the most at an average of £12,184.

Meanwhile those in the East Midlands are only spending around £2,130 on stamp duty, a considerable saving.

David Bexon, managing director at the website, revealed that average new home prices in the south-west, south-east and London all fall into the three per cent stamp duty threshold.

"The latest figures from our index show that average prices in the UK are not remotely near the lowest stamp duty exemption threshold of £125,000 or under," he said.

Halifax recently called on the government to raise stamp duty thresholds, after its research revealed that last year the average first-time buyer paid stamp duty in 99 per cent of local authorities in the south of the UK, but the chancellor failed to do so in the latest Budget.
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