Increase the Stamp Duty threshold
Increase the stamp duty threshold
This petition is to request an increase in the threshold for 3% stamp duty at the £250,000 level to £350,000
This threshold was introduced in 1997 when the average house price was around £80,000 however, this has increased in 2014 to around £250,000 meaning that people requiring larger homes now have to pay a minimum of £7500 in tax on a £250,001 house.
The lack of movement in the threshold means there is a stagnant market around the £250,000+ mark because people don't want to move to a marginally bigger house and pay £7500 tax.
Benefits in moving the threshold means more people will be willing take that next step up the housing ladder which in turn means there will be more choice for first time buyers and a healthier housing market all round.
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