Londoners paying most stamp duty
Londoners are paying more in stamp duty than the rest of the market according to the latest research by Benham and Reeves.
Comparing data from 2008 to 2018, it shows that despite the number of property transactions in London accounting for 11.3% of the overall total the amount of stamp duty paid by London home buyers totaled £3.6bn which is 39% of the nationwide total.
The amount paid in stamp duty by Londoners has risen by 86% in the last decade.
Vidhur Mehra, finance director of Benham and Reeves, said: “Stamp duty is a tax penalty disproportionately aimed at London.
“Despite representing approximately just 1.3% of England’s landmass, the capital is responsible for one-third of all property taxes by way of stamp duty.
“This is not just because London is home to the highest property prices in the nation, but also because at higher values the levy is now designed to penalise that sector harder in relative terms.
“Stamp duty is not only an outdated, archaic practice but a tax on aspiration, choking the upwardly mobile who happen to live where many of the best jobs and transport infrastructure are provided.”