Average flat in England and Wales now pays punitive 3 per cent Stamp Duty

August 12, 2013 4:22 PM

New Land Registry figures released by property management firm London Central Portfolio have revealed that the average price of a flat in England and Wales has risen above £250,000, taking them into the punitive 3 per cent band of Stamp Duty. Properties bought for a quarter of a million pounds or less pay up to £2,500 in Stamp Duty. But the tax bill rockets above this, to an eye-watering £7,500 on a property bought for £250,001.

The data is based on the Land Registry's publicly available 'price paid' data (which shows an average price of around £239,000 for flats), but reportedly makes adjustments to exclude some transactions. But with both datasets showing average prices around the level at which the punitive rate kicks in, a lot more home buyers will be finding themselves stamped with a much nastier level of duty.

But you can make a difference. Go to StampOutStampDuty.org to automatically send your MP a message about Stamp Duty.

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