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February 25,2008
 Home buyers have seen stamp duty soar by more than 60 per cent in five years, new figures show.
The average bill went up to £1,971 from £1,211 in 2002, according to Britain's biggest mortgage lender Halifax.
Property buyers need to save more than 20 per cent of the local annual salary to pay the tax in one third of all local authorities in the UK.
People buying a home in London and the South East face the biggest stamp duty bills due to higher property prices, Halixax said.
Homebuyers in South Buckinghamshire paid the most last year, an average of nearly £21,241, or half the average local salary.
Stamp duty is charged at 1 per cent of the value of properties worth between £125,000 and £250,000, rising to 3 per cent for homes worth between £250,000 and £500,000 and 4 per cent for those above £500,000.
A Treasury spokesman said: "The average cost cited of £2,000 is still within the 1 per cent for stamp duty.
"It's important to keep in mind that 80% of homebuyers pay either 1% or nothing on stamp duty."
Source: http://www.channel4.com/ |
