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Stamp duty hits most in the south

First time buyers in the south of England are almost all having to factor in the expense of stamp duty into their home loan requirements, it has been revealed.

Home loan provider Halifax compared the average residential stamp duty bill for first time buyers in 342 Local Authorities in Great Britain over the period 2002 to 2007.

The results showed that the average first time buyer paid stamp duty in 2007 in 99 per cent of local authorities in the south compared to 42 per cent in the north.

Furthermore, the stamp duty bill for the average first time buyer in the UK in 2007 was £1,751; £791 (82 per cent) more than paid in 2002 (£960).

Martin Ellis, chief economist at Halifax, said: "Stamp duty has again become an issue for first time buyers because the stamp duty thresholds have not kept pace with house price inflation.

"First time buyers in the south are most likely to pay but so too are a growing percentage in the north. In London the average first time buyer is now liable to pay a stamp duty bill of more than £8,000."

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