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Stamp Duty costs hit buyers

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  • Stamp Duty costs hit buyers

    The BBC reports that property price increases now means the cost of actually moving house has shot up due to Stamp Duty.

    Most transactions take place within the 1% Stamp Duty range of £125,000-£250,000, but over £250,000 and you hit the 3% Stamp Duty mark:

    http://news.bbc.co.uk/1/hi/business/4923198.stm
    For the average house buyer, the cost of moving has been outstripped by house prices themselves since 2000.

    According to the Woolwich's calculations, someone moving from an average-priced terraced house to an average-priced semi in England or Wales will have seen their transaction costs rising by 59% since the start of the century.

    That compares to a rise in general house prices of 95% during the same period.

  • #2
    I never even considered stamp duty before now - is this just for sellers, or for buyers as well?

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    • #3
      Property prices

      Well Brian,

      I don't think anyone does notice the stamp duty levels on property prices until one day their own property value hits one of the limits and suddenly the price stagnates for a few years. So anyone who is in that situation with their own property may have to wait some considerable time until the resistance level is broken. Of course if all properties were increasing in price at the same time then it could be broken quickly if you are lucky,especially if you find your property in a local hot spot!
      Mark
      Bridging Loans | Property Development Finance

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      • #4
        I guess in one way I'm lucky that I'm a first-time buyer, in missing out on stamp-duty - but even still, I think the benefits of the capital asset of a home even in a sluggish market outweighs that.

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        • #5
          Originally posted by brian
          I guess in one way I'm lucky that I'm a first-time buyer, in missing out on stamp-duty - but even still, I think the benefits of the capital asset of a home even in a sluggish market outweighs that.
          I'm inclined to agree. The value of property always seems to rise faster that than inflation

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          • #6
            My bad - I don't miss out on stamp duty at all!

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