Stamp duty could have large impact on housing market
The future of stamp duty could be intertwined with those looking to sell their home, it has been suggested.
According to figures from Lloyds Banking Group, changes to the tax could have a major impact on the housing market.
Those who have built a bespoke conservatory, garden studio or glazed extension may be interested to hear that removing stamp duty for all buyers up to a threshold of £250,000 would see 74 per cent of movers avoid the tax.
At least 95 per cent of first-time buyers fall into the zero to £250,000 category when taking their first step on the property ladder.
The figures also show that while fewer than one in five purchases outside Greater London are above the £250,000 mark, stamp duty revenue had increased by 117 per cent in just ten years to £2.95 billion in 2008/09.
Meanwhile, homeowners should be in a fairly solid financial position at the moment, with Moneyfacts recently revealing that fixed-rate mortgages have reached a seven-year low.
Posted by Ashley Ault
Mortgage rates at seven-year low
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