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Report reveals stamp duty cost; In Brief.

A HOME owner will spend nearly PS10,000 in stamp duty costs over their lifetime in order to move up the housing ladder, a report suggests.

Across England and Wales, someone who had bought their first home in 1999 and went on to move up the property ladder, buying a detached home in 2015, will have paid around PS9,644 in stamp duty as a result of all their house purchases, research from Lloyds Bank found.

With property prices having seen some strong increases over the last year, Lloyds estimates that across England and Wales, the total stamp duty revenue raised in the year to March 2015 was PS7.7 billion - comfortably exceeding the PS6.2 billion raised in the year to March 2008 at the peak of the last housing boom.

Lloyds assumed that a typical home buyer will make three property purchases over their lifetime - and that their first home would be a terraced house or flat, their second would be a semi-detached property and their third would be a detached home.

To make the PS9,644 calculation, it also assumed that the home owner would have bought their first property in May 1999, at a typical starter home price for that time of PS58,889, which would have been below the stamp duty threshold.

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Title Annotation:Business
Publication:Coventry Evening Telegraph (England)
Geographic Code:4EUUK
Date:Jun 12, 2015
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