First-time buyers' stamp duty varies by region
Published On 25 October 2006
There are huge regional discrepancies in the amount of stamp duty being paid by first-time buyers, according to new figures.The Council of Mortgage Lenders (CML) has revealed that in northern England four out of five first-time buyers (82 per cent) escape paying the tax but this figure drops to just one in 33 (three per cent) in London.
Some 18 per cent of first-time buyers avoid paying stamp duty in the south-east of England while in the north-west over two-thirds (70 per cent) of people manage to avoid paying it.
Michael Coogan, CML director general, said: "It is shocking to see the huge regional differences in first-time buyers' liability for stamp duty. This raises more important questions for policymakers in government.
"London stands out as the place where the vast majority of first-time buyers pay significant levels of stamp duty. The amount of tax first-time buyers pay is bound to be a hot topic at the next election."
