UK Stamp Duty Rises by 2.3% in 12 Months

Everest - a company with 50-year expertise in home improvement services and products - recently analysed the data by UK Treasury for the 12 months to March 2010 and found out that the amount of money Brits pay in stamp duty increased.

The average sum paid in stamp duty tax reached £3,770, which is 2.3% or £83.87 more than at the same time last year. It is important to note, however, that the amount of money paid in stamp duty varied significantly from region to region.

As such, the average sum paid in stamp duty for properties in London amounted to £10,263, whereas this figure was twice as low in the South East (£5,249). Residents of the Northern Ireland paid the lowest level of stamp duty (£1,421) compared to people from other parts of Great Britain.

Commenting on the findings, Mr. Bland of Everest said that stamp duty tax is not the only cost associated with property moving or purchase. Other costs include conveyancing fees, furnishing, etc. He is determined that sometimes it is wiser to make home improvements to your existing property rather than to move.