11 Nov

Less buyers pay stamp duty, research shows

Less buyers pay stamp duty, research shows

The change in the level of stamp duty led to fewer first-time buyers paying the purchase tax in September this year, new figures have shown.

Research by the Council of Mortgage Lenders (CML) established that 51 per cent of buyers did not have anything to pay in that month, compared with only 22 per cent in September 2007.

Commenting on this trend, CML director general Michael Coogan said: "It is encouraging to see transaction costs lowered for a larger proportion of borrowers."

He added that the government should look for more ways to help increase the flow of transactions.

The level of the lowest threshold for stamp duty was raised on September 2nd from £125,000 to £175,000.

In the announcement, chancellor Alistair Darling said this was an interim measure that would apply for exactly one year from September 3rd 2008.

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