Halifax: 79 towns hit hard with 3% stamp duty tax

Halifax research has revealed that the average house price in 79 towns (16%) surveyed in England is above the £250,000 threshold at which a 3% rate of stamp duty is levied.

Halifax said the typical home buyer in these towns will be faced with a stamp duty bill of at least £7,500.

It has been over nine years since the higher stamp duty thresholds -
£250,000 and £500,000 - were introduced. They have not been increased since then despite a 162% increase in the average house price over the period, Halifax stated.

In July 1997, when the £250,000 stamp duty threshold was introduced, there were no towns with an average house price above the £250,000 threshold. In 2001, there were 18 towns (4%) with an average house price above £250,000.

Halifax is lobbying the government to bring the stamp duty threshold in line with house price inflation.

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