BUDGET 2008: Only 16% of UK properties still exempt from SD

Only 16% of UK properties are priced below the Stamp Duty Land Tax threshold of £125,000, says Rightmove.

The property website says the continuation of Stamp Duty at current thresholds, means that nearly 50% of the UK’s housing stock on the market comes with a Stamp Duty fee of up to £2,500.

Rightmove, which advertises properties from more than 90% of UK estate agents, says that more than 25% of UK properties currently for sale come with a fee of up to £15,000.

But it says only 16% of all homes on the market are priced under £125,000 and therefore exempt from fees.

Miles Shipside, commercial director of Rightmove, says: “The chancellor has missed a real opportunity to help first-time buyers.

“By increasing the Stamp Duty exemption threshold by a mere 4% to £130,000, first-time buyers would have had access to an extra 14,211 properties currently for sale.”

He adds: “Some saving on Stamp Duty would have helped them raise the larger deposit that is now a necessary prerequisite of getting onto the housing ladder.”