More first-time homebuyers in UK facing stamp duty

The proportion of first-time buyers in England and Northern Ireland required to pay stamp duty has doubled from 21 to 42 percent following the end of a tax break on residential property purchases, according to UK property portal Zoopla.

The website also estimates that the UK government is expected to collect an additional 1.1 billion pounds (HK$11.02 billion) in annual stamp duty revenue.

As of last Tuesday, the government has withdrawn stamp duty relief for most homebuyers, leading to increased purchase costs – particularly for first-time buyers.

Zoopla said the threshold for stamp duty exemption has been halved from 250,000 pounds to 125,000 pounds, leaving more buyers subject to the tax.

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In addition, Sky News data revealed that nearly 75 percent of councils in England will implement the discretionary charge starting in April, effectively doubling the council tax on properties designated as second homes.

Sky News' analysis showed thatsaid this new charge, set to be introduced by over 200 councils, could generate an additional 445 million pounds in revenue

STAFF REPORTER