Stamp Duty Tax increase in the past 25 years

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Stamp Duty Tax increase in the past 25 years

October 19th, 2021, Blog, Legal Updates

25 years of stamp duty – homebuyers see 490% tax cost increase

The latest property market analysis by London lettings and estate agent, Benham and Reeves, has revealed that in the last 25 years, the cost of stamp duty has increased by 490% for the average homebuyer. Now that the stamp duty holiday is done and dusted, the average homebuyer in England will once again pay the government for the pleasure of purchasing their own home, a bill of £3,548 on the current average house price to be exact.

Thanks to a house price boom spurred by the stamp duty holiday itself, that’s a tax bill some 44% higher than the average stamp duty paid prior to its introduction.

The latest property market analysis that has been conducted by Benham and Reeves, a London estate agent, has revealed that that the average SDLT bill for the average homebuyer across the United Kingdom over the last 25 years has increased by 490%.

The increase is mainly due to the property boom and with the stamp duty holiday having ended on 30 September 2021, the cost of stamp duty has now never been higher. Further the legislation surrounding SDLT over the last few years has meant that the it has never been more complicated to calculate the rate of tax. For example, the introduction of surcharges for non-residents, first time buyer discounts and second-home buyer surcharge.

If you have any questions, please do not hesitate to contact James Cohen directly on [email protected] or 0207 822 2257.

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