No Tax Payment is Required

According to the data, provided by the official source, the quantity of properties that are priced high enough to qualify for the stamp duty free policy is increasing and this fact pleases Londoners for sure.
The fall down on the property market resulted in the fact that thousands of properties lost their value, which came along with the increase of the stamp duty tax level, and allowed many people not to pay the tax. In 2007, during the peak of the property prices, such cases were rare, and it was practically impossible to purchase a home in London for ordinary people.
In 2008 Gordon Brown increased the threshold of the stamp duty tax from £150,000 to £175,000, which measure resulted in the doubled number of tax free properties.

In London, there are about 6,566 homes available for sale, which constitutes almost 10 per cent of the London property market. Last September only 3,480 properties were on sale in London. For example, if the buyer purchases a flat at a price below £175,000 he or she saves about £1,700. The lowest house price recorded in London is £109,950. Houses priced that low can be found in Newhamp, Barking and Degenham.
Experts concluded that the slump of property market, which resulted in a 15-20% decrease in prices since their peak, virtually every tenth property can be qualified as tax free of the stamp duty. Furthermore, the number of properties priced below £175,000 has risen two times. It proves that homeowners have finally understood the necessity to decrease the asking prices.