UK Landlord Forum / Life

Something I'm always moaning about is this con called stamp duty. Yesterday I read in the LONDON LITE  that a first time buyer in London today, will pay a massive 807% more stamp duty than a first time buyer would have done in 1997. This is based on an average London flat price of £263,253. making stamp duty at 3% almost £8000. where as 10 years ago the average flat would have been £87,088 making stamp duty £871.
I remember the days when stamp duty was 1% across the board. When the 3%(£250,001)  and 4% (£500,001) was first introduced, it would have only affected the the quite wealthy. £250,000 would have bought you alot of house those days. The chancelor new what he was doing. Everybody was over the moon watching their own properties  increasing in value not realising that they had fallen into the 3% trap.
I remember I bought a house in 97 for £87,000. In those days a nice house in chigwell might have been around £250,000.  That same house in Chigwell now may be worth around £600,000. So by my reconing, stamp duty to be fair should have moved in line with house prices, and 3%  should kick in at a fair  500k, and the 4% at maybe 800k.
Fat chance of that happening. Instead, the very kind Mr Brown, decided to allow anyone buying a property for under £125,000 to be free of paying stamp duty. How generous  (you'd have more chance finding a four leaf clover with fitted carpet).
Once again the British public get mugged off and we do nothing but roll over.

Stamp duty is a joke. I never realised it used to be 1% across the board.

A lot of companies that are selling new build properties say they will pay the stamp duty fee as part of the package. But i'm sure they add additional fees onto the asking price, so you do actually pay

Quote from: propertyfag on September 22, 2007, 10:50:23 PMA lot of companies that are selling new build properties say they will pay the stamp duty fee as part of the package. But i'm sure they add additional fees onto the asking price, so you do actually pay

There is no such thing as a free lunch


V