Monday 10th March 2008
The amount of stamp duty paid by the average first time buyer has almost doubled since 2002, it has been claimed.
According to a study conducted by Halifax, the average first time buyer paid around £960 in stamp duty five years ago.
However, last year first time buyers were forced to pay out an average of £1,750 - an increase of 82 per cent.
The rise has been attributed to the period of sustained house growth during the period which has meant that more and more novice homebuyers are liable for the charge.
Halifax's findings prompted Martin Ellis, chief economist at the firm, to call for the introduction of a new system of calculating the thresholds, which he argues would relieve affordability pressures for first time buyers.
He said: "We call on all political parties to raise the stamp duty thresholds, and to index them for house price inflation in the future."
First time buyers in London were most likely to have to pay stamp duty, with two-thirds liable for the three per cent or four per cent rate.
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