Capital’s homebuyers face stamp duty shock

18th July 2014

The cost of the average London home is rapidly approaching the £500,001 mark, meaning stamp duty bills will jump 36% for many homebuyers.

The value of a typical home in the capital rose 20% over the year to May and is now valued at £492,000. The treasury will collect an extra £85m in taxes just from properties moving across the £500,000 threshold in London, not including the increase at each of the other stamp duty levels as house prices across the country approach the 3% marker.

Source:   The Daily Telegraph, (17/07/2014)