Stamp Duty Revenue Surges
06/09/2006
Stamp duty revenue has surged to record levels, breaking through the one billion pound mark for the quarter ending 31st July, 2006, according to figures just released.
According to an analysis by the Portman Building Society, this is up 30% over the previous quarter, even though the initial stamp duty threshold has been increased from £60,000 to £125,000 in the March budget.
However the average property cost for first-time buyers is £147,868, or 18% above the starting threshold. Looking at the market as a whole, the average price for a home in England and Wales is now £199,184 according to the Land Registry. This figure is up 7.7% on a year ago, and is nearly 60% over the stamp duty threshold.
The average stamp duty take for the government is £3735 per house sale, up from £3538 in the previous quarter, representing a 6% rise.
Contributing to the rise in revenue for the quarter is the increase of 23% in the number of properties bought – a total of 268,430 properties bought and sold.
The Portman Building Society said that the tax would continue to increase, and prove an unfair burden to many, until the government embraces a policy shift. It also said that the new threshold offered little relief to those living in London and the South.
According to an analysis by the Portman Building Society, this is up 30% over the previous quarter, even though the initial stamp duty threshold has been increased from £60,000 to £125,000 in the March budget.
However the average property cost for first-time buyers is £147,868, or 18% above the starting threshold. Looking at the market as a whole, the average price for a home in England and Wales is now £199,184 according to the Land Registry. This figure is up 7.7% on a year ago, and is nearly 60% over the stamp duty threshold.
The average stamp duty take for the government is £3735 per house sale, up from £3538 in the previous quarter, representing a 6% rise.
Contributing to the rise in revenue for the quarter is the increase of 23% in the number of properties bought – a total of 268,430 properties bought and sold.
The Portman Building Society said that the tax would continue to increase, and prove an unfair burden to many, until the government embraces a policy shift. It also said that the new threshold offered little relief to those living in London and the South.
