31
Dec
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."
