Stamp duty ef­fect ‘dev­as­tat­ing’

Yorkshire Post - Property - - PROPERTY -

THE £250,000-plus thresh­old at which Stamp Duty be­comes payable at 3 per cent has a “dev­as­tat­ing” ef­fect on sales.

Lat­est re­search has found 930 per cent more trans­ac­tions of homes priced be­tween £240,000 and £250,000 than be­tween £250,000 and £260,000.

Ac­cord­ing to the Lon­don Cen­tral Port­fo­lio, which com­mis­sioned the re­search from Cass Busi­ness School, 13,866 sell­ers had to re­duce prices by at least £10,000.

It adds that 73 per cent of home own­ers had prop­er­ties worth be­tween £125,000, when Stamp Duty kicks in at 1 per cent, and £250,000 when it jumps to 3 per cent. The 3 per cent thresh­old has not been changed since 2000 – when the av­er­age house price was £79,242.

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