London homebuyers cash in on stamp duty cuts

HMRC figures show that stamp duty on residential property climbed 10% in the last tax year, hitting a record total of £12.9bn, with London homes accounting for 39% of the total. Nationally almost £9.3bn in stamp duty was paid on residential purchases, while £3.63bn was raised from commercial property transactions. Tax on second homes and investment or buy-to-let properties raised £4.06bn. The HMRC data also shows that since stamp duty was scrapped for first-time buyers buying properties costing less than £300,000, 69,100 buyers have benefitted from the concession. First-time buyers in London saved an average of £4,300.

The Daily Telegraph (28/09/2018)   Financial Times (28/09/2018)   Evening Standard 28/09/2018)