Tax stamps on FTB's home-buying dreams

First-time buyers (FTBs) are struggling to get onto the property ladder in London due to increasing levels of stamp duty.

According to property search engine Zoomf, the average FTB is now expected to pay £7,898 on stamp duty when buying in the capital.

That signifies an 807 per cent increase in the last ten years and means that many young people simply cannot afford to buy.

The research also points out that with the average one-bedroom flat in London costing £263,253 and a typical deposit representing around £13,162, most FTBs need £21,000 just to think about buying a home.

"It's clear that the stamp duty thresholds should be raised in line with house price inflation. Stamp duty is an unfair levy on many, presenting yet another barrier onto the housing market for first-time buyers," said Mike Carter from Zoomf.

"Not only must they find a way to afford premium house prices, large mortgages and hefty deposits but they must also set aside a considerable amount of money for the taxman," he added.

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