Stamp duty on average house purchases to rise

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Stamp duty on average house purchases to rise

The projected property price increase for 2014 is at a staggering 8%, which will lift the average stamp duty threshold for first time buyers up to and over the 3% mark.

A research conducted by Rightmove, the property portal,  has revealed that these figures follow an average rise in purchase price of 5.4% in 2013, adding an additional £12,466 to the average property value in London.

This has been mainly due to the imbalance between sales and listings in both England and Wales. With the average asking price now being at approximately £241,455, adding a further 8%, especially within the London Property market, will cause the purchase price to rise above the £250, 000 stamp duty threshold which changes the stamp duty tax payable from 1% of the purchase price to 3%.

On a more positive note however, the number of house listings for sale is to hit the one million mark in 2014, which is th highest since 2006.

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