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First-timers in London face 3% Stamp Duty

Many first-time buyers in London may automatically find themselves in the 3% Stamp Duty bracket with the price of an average first-time property in the capital exceeding 250,000.

According to Halifax, people trying to get on the property ladder in the capital will face 7,500 in Stamp Duty bills as the average first home now costs 250,819.

The research also shows the average price for a first home has risen to more than 150,000, meaning the average Stamp Duty bill is 1,500. It also means that many more first-time buyers will be exempt from levies offered to people spending 150,000 in disadvantaged areas.

Mortgage Strategy has run its Step Up Stamp Duty campaign since November 2004 and has been deluged with responses from readers calling for a rise in the threshold.

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