Osborne’s failure to make changes to stamp duty criticised
Estate agents and mortgage lenders had called for a change in structure of tax, which kicks in at 1% on homes costing £125,000.
The chancellor’s failure to make any changes to stamp duty on property was criticised yesterday, amid warnings that the tax is hindering homebuyers who are keen to use the Help to Buy scheme. Estate agents and mortgage lenders had called for a change in the structure of the tax, which kicks in at 1% on homes costing £125,000 and leaps to 3% on properties worth £250,000 to £500,000. With the average UK house price now around £170,000, buyers typically face a £1,700 bill.
Richard Sexton, of e.surv chartered surveyors, said: “Cutting the duty could have helped alleviate the monumental task of saving for a deposit, and encouraged market movement.”