31 Dec

Regional divide in stamp duty deepens

Regional divide in stamp duty deepens

A new study has revealed a huge regional divide in the amount of stamp duty homebuyers pay.

According to statistics from online mortgage company Mform.com, in the Midlands, the north of England and Scotland, a homebuyer can expect to pay around 1,994 in stamp duty - equating to around ten per cent of pay.

However, homebuyers looking to purchase a property in south-east, south-west, the east of England and London pay an average of £6,280 - which represents around a quarter of the average wage.

Francis Ghiloni, marketing and business development director at mform.co.uk, said: "Our analysis shows there is a massive north-south divide, with average homebuyers in the South paying three times more than their counterparts in the north of the country.

The report also uncovered an increase in the number of those paying stamp duty in the north and south of 21 per cent and 31 per cent respectively.

Mr Gholi added: "No matter where you are buying, stamp duty has a major effect on your finances and it is no surprise many people are adding the cost of stamp duty to their mortgage."

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