Stamp Duty Tax Is Unexpected for Many Brits

Rental property might be a good alternative for potential housebuyers, especially for those living in London, in case they fail to meet lending criteria or get the full amount of money needed for purchase.

Commenting on the difficulties Brits face when planning to purchase a property, Mr. Richard Wilson of Ashley & Peck, a Brentwood-based estate agency, says that many people either forget they have to pay stamp duty or do not know how much they have to pay. The most common problem among housebuyers is their unawareness of whether stamp duty tax is to be paid on the complete property price or certain part of it.

On top of that, Mr. Wilson says, many Brits do not realise that properties are rarely sold furnished, which means that additional finances have to be spent on furniture and decoration.

As such, research carried out by online comparison website Money shows that 21% of Brits pay more than planned for the property due to incorrect estimations of additional costs, including stamp duty tax.