1st August 2017
Homeowners in England and Wales paid £8.3 billion in stamp duty in 2016 – a 17% increase from £7.1 billion in 2015.
According to figures from Lloyds Bank, homeowners paid an average total of £12,693 on stamp duty as they moved up the property ladder.
Breaking this down over time, a first-time buyer would have spent on average:
- £758 on stamp duty in March 2001
- £1,989 for their second home in March 2009
- £9,946 for their final step in March 2017.
Looking at the overall costs of stamp duty in this period, homeowners in London paid a total of £40,576 – 320% more than the average for England and Wales.
In the South East, the total value of overall stamp duty paid between 2001 and 2017 was £20,133 while the lowest bills were in Wales (£4,489) and the North (£4,212).
Furthermore, the proportion of first-time buyers who paid stamp duty in the last 16 years rose from 47% in 2001 to 78% in 2017.
Andrew Mason, mortgage products director at Lloyds Bank, said:
“Rising house prices have caused stamp duty payments to continue to increase, despite the reforms that came into effect from December 2014.
“Escalating stamp duty payments have contributed to significant increases in moving costs in recent years.”
Contact us to discuss stamp duty.