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Stamp Duty Swells to New Record Levels

House-buyers shelled out a record £9.5 billion in stamp duty last year, in a market affected by high property prices and a rise in rates.

The amount of tax raised was £1.3 billion more than in 2016, largely due to an extra 3 per cent levied on landlords buying properties to rent out, and on second homes. This group accounted for over £4.1 billion.

Owner-occupiers paid on average £7,161 in taxes to move house, research from London Central Portfolio (LCP) showed. The data also revealed that the most expensive 10 per cent of purchases accounted for 60 per cent of the total overall stamp duty bill.

The data follows reforms in 2014 that meant buyers of homes worth more than £1.5 million paid a rate of at least 12 per cent. The single biggest purchase last year, £90 million for a flat in Knightsbridge Apartments, generated more than £10 million in tax.

Naomi Heaton, of LCP, said:

“Despite the continued rumble around whether the richest are paying their fair share, it is clear that they are the main contributor to stamp duty revenue.”

The research comes as separate figures from Halifax showed that house prices were 2.7 per cent higher last month than a year earlier.

If you are buying or selling property, call our solicitors for a free, no obligation conveyancing quote. Speak to us today on 020 7293 0998.

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