Huge Tax Bills For First Time Buyers As House Prices Soar
The surge in property prices has dragged thousands of buyers into higher tax brackets, and nearly tripled the number of first-time buyers paying stamp duty, new analysis shows. House prices in England have soared by £94,178 since December 2014 – the last time stamp duty bands were adjusted – according to the Office for National Statistics. Over the same period, the stamp duty bill on the average priced home has tripled, jumping from £1,567 to £4,876....