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Article: Homebuyers are getting licked by stamp duty In 10 years house prices have soared yet property tax thresholds have stayed the same. Now one lender is calling for bands to be adjusted in line with inflation, writes Myra Butterworth
- Article from:
- The Sunday Telegraph London
- Article date:
- February 24, 2008
- Author:
CopyrightCopyright 2008 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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The cost of moving home is escalating for many families,
according to new research. Homebuyers are paying more than a fifth
of their annual salary on stamp duty in almost a third of local
authorities across Britain.
This is a significant rise on the position just five years ago,
when homebuyers in just 5 per cent of local authorities would face
costs this high when purchasing property.
This problem has occurred because stamp duty thresholds have
remained virtually unchanged, while house prices have risen sharply
over the past decade. As a result, there has been a dramatic
increase in the number of properties that now fall in the higher
stamp duty bands, according to Halifax, Britain's ...