Stamp duty reforms save average FTB £781
Recent stamp duty reforms have saved the average FTB £781, reducing the tax bill from £1,718 to £937 on an average priced FTB property of £171,870.
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According to the annual Halifax First Time Buyer Review, nearly six in ten FTB purchases are now above the £125,000 Stamp Duty threshold.
The proportion of FTBs exempt from paying stamp duty fell to 41% in 2014 from 45% in 2013. Almost half (47%) of properties bought by FTBs were priced between £125,000 and £250,000.
Nationally, only 13% of FTB purchases were above £250,000 in 2014. There were, however, considerable regional differences with more than half FTBs in Greater London (56%) paying more than £250,000.
The research also found that the number of first-time buyers increased by more than a fifth in 2014, up 22% and resulting in a 50% rise over the past two years.
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