Stamp duty represents "massive" cost for buyers
Those thinking of buying a home in London face huge costs due to the existence of stamp duty, it has been argued.
Luke Bennett, founder and managing director of SW19, noted that recent changes have not benefited the majority of people living in the capital.
In September the threshold value for homes required to pay the charge was raised from £125,000 to £175,000.
But with the average London price being far above that figure, Mr Bennett explained that stamp duty represents a "massive" addition to the cost of moving.
"What can you buy for £175,000 in and around London? Nothing at all," he said.
Those hoping to avoid the charge may wish to consider renting a house or flat rather than buying.
Last week the Land Registry released its monthly index of house prices in England and Wales, showing that the average value in the capital is £320,774 - nearly double the national figure.
Published 3rd December, 2008
© 2008 Estates IT Limited
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Those thinking of buying a home in London face huge costs due to the existence of stamp duty, it has been argued.