Stamp Duty Takings up £1bn in a Year

A study by Lloyds reports that homebuyers paid nearly £1bn more in stamp duty last year than the year before as house prices climbed.

The report suggests that a typical family will spend £12,000 on the tax over their lifetime – rising to nearly £40,000 for Londoners.

Experts say it is yet more evidence the tax is “distorting” the housing market and preventing people from buying and selling homes, explaining that buyers must budget for ever increasing duty bills while sellers stay put to avoid paying the tax on their next purchase.

Over the last year, the Lloyds report estimates, homebuyers in England and Wales spent £5.6bn on stamp duty.

Sources: The Times, The Daily Telegraph, Daily Mail, Daily Express

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

T +44 (0)20 8922 9376
E Myfanwy.Neville@bkl.co.uk

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