Home buyers spending more than £12k on Stamp Duty over their lifetime

Home owners spend an average £12,693 on Stamp Duty over their lifetime as they move up the housing ladder, according to research from Lloyds Bank.

Analysis based on average house prices for a typical first-time buyer, second stepper with a semi-detached and a final detached home, looked at what buyers would have paid in March 2001, March 2009 and March 2017.

A typical first-time buyer would have paid an average Stamp Duty of £758 in March 2001, £1,989 for their next home in March 2009 and £9,946 for their third and final step in March this year, the research revealed.

Andrew Mason, Lloyds Bank mortgage products director, said: “Rising house prices have caused Stamp Duty payments to continue to increase despite the reforms that came into effect from December 2014.

“As a result, the £8.3bn raised in Stamp Duty in 2016 was more than £2bn higher than at the peak of the last housing boom in 2007.

“The average home buyer pays £12,693 in Stamp Duty in total as they move up the housing ladder.

“This average, however, disguises substantial regional differences with home movers, with those in Greater London paying over £40,000.

“Escalating Stamp Duty payments have contributed to significant increases in moving costs in recent years.”

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