Society calls on Brown to make Stamp Duty changes

Nationwide has called on Gordon Brown to do more to help home buyers.

The society believes Brown, who succeeds Tony Blair as Prime Minister this week, can do this by linking Stamp Duty limits to house price inflation.

Nationwide says if the Stamp Duty threshold had been raised in line with house price inflation since 1993, it would now stand at £210,000, instead of its current figure of £125,000.

Stuart Bernau, executive director at Nationwide, says: “As chancellor, Brown raised Stamp Duty thresholds but he can do more as Prime Minister. We call on him to make significant chan-ges to show he wants to make a difference.”

The society says that over the past decade property affordability has reduced, with prices rising by 215%.

In 1997, the average house price was £58,196, below the £60,000 Stamp Duty threshold at that time. Now buyers face a Stamp Duty bill of over £1,800 based on an average house price of £181,584.