Tax on the purchase of property in England will exceed £7,500

Tax on the purchase of property in England will exceed £7,500

In 2016, the average buyer of property in the UK will have to pay stamp duty of at least £7,500 (€9,473). This is due to the fact that the average price of homes in the country will rise to the amount which has a higher tax rate, according to ee24.com citing propertywire.com. 

Agency Haart, the largest independent in the UK, estimates that today residential property is worth £204,429 (€258,216). Given the 10 percent annual growth rate the "average bill" could rise to £250,000 (€315,777) to 2016, and this is exactly the sum, after which the rate of stamp duty increases from 1% to 3%. So if today the buyer pays about £2,044, then after a couple of years he will be forced to spend 3.7 times more. 

Recall that when you purchase house from half a million pound, the tax rate increases up to 4%, from a million - up to 5%, from two million - up to 7%.