Homebuyers stamp duty bill up £900 million over the last year
The proportion of homemovers having to pay stamp duty has increased more than five times since 1998
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Friday 20 June 2014
The average home mover now spends £11,800 on stamp duty as they move up the housing ladder, says a new report from Lloyds Bank, which estimates that the annual stamp duty bill in England and Wales has leapt by £900 million to £5.6 billion in the last year.
On the basis that on average homeowners stay in their homes for just under eight years and take three steps on the housing ladder in their lifetime, the research indicates that the highest overall stamp duty costs are paid by people in London and the South East.
London homebuyers pay more than three times as much as the rest of England and Wales (£38,000). In the South East the lifetime cost is £16,500, followed by the South West (£11,500) and the West Midlands (£10,000). The lowest stamp duty costs are in Wales which at £3,718 are a third of the UK average.
"Stamp duty bills continue to increase each year as house prices rise," said Marc Page, Lloyds Bank mortgages director, at Lloyds Bank. "The average homemover now pays nearly £12,000 during their life as they make their way up the ladder. This just goes to show that unfortunately some dreams still come with a price tag so homeowners need to carefully consider total costs of moving."
The proportion of homemovers having to pay stamp duty has increased more than five times since 1998, when 17 per cent of buyers paid the duty compared to 83 per cent in 2014.
Meanwhile, the number of new property instructions rose last month by 6.3 per cent according to haart estate agent. In London the figure was 9.5 per cent.
"At last stock is coming to the market," said Paul Smith, CEO of haart. "Sellers are now keen to capitalise on recent house price rises and lock into continuing low interest rate mortgages. This is a significant factor in freeing up the 18 month log-jam of supply. Buyers and sellers across the board will benefit and encourage fluidity in all price brackets."
He added that property prices were now 'relatively steady' and that the market was starting to self-correct.
New research from Equifax shows that nearly 40 per cent of homeowners will be older than they had originally planned by the time they eventually pay off their mortgage. It also shows that nearly a third of homeowners would be happy to cut back on general living expenses for at least six months to be able to afford the mortgage for their next home.
A quarter of homeowners think they will be aged around 65 before the mortgage is paid off, rising to one in three in Scotland.
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