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Stamp duty in Brighton and Hove raised £29m for Government coffers
More than £29 million has been raised in stamp duty from people buying properties in Brighton and Hove.
Almost 90 per cent of that stamp duty revenue comes from those paying the top band because their properties are worth more than £250,000.
The TaxPayers’ Alliance (TPA) has published new research today showing that in Brighton and Hove 1,845 homes were bought with a stamp duty rate of 3% or more in 2012-13.
This was 45% of all of the transactions in the city and these transactions made up 90% of total stamp duty revenues.
The total revenue in Brighton and Hove between 2012 and 2013 was £29,209,919.
Stamp duty is paid at 3% when the house price is between £250,001 and £500,000.
John O’Connell, research director of the TPA, said: “Stamp duty at the three percent rate acts as a barrier both for an increasing number of firsttime buyers, as well as many hard-working families wanting to buy a new home.
“Apart from stopping some people from getting on the property ladder in the first place the tax prevents people from moving when they need to.
“The result is that people stay put when it would make sense for them to move for a variety of reasons, such as getting a new job; being closer to relatives; or having enough space for a growing family.”
It has previously been reported that the average house price in Brighton and Hove in March was £283,087.
James Epps, director of Oakley Residential and president of the Brighton and Hove Estate Agents Association, said: “It doesn’t help that we are one of the most expensive parts of the country in which to live.”
Phil Graves, managing director of Graves Jenkins said: “It doesn’t surprise me that the majority of transactions attract the 3% mark for Brighton and Hove. I’m sure everyone will agree to and would like to see a reduction, but highly unlikely as the government see this as a good source of revenue.
Any reduction, however, would be a great stimulus to the housing market, even with a temporary reduction or suspension."
The TPA is launching a campaign this month calling for a cut in the tax.
The Stamp Out Stamp Duty campaign is urging the government to ease the burden on home-buyers and potential home-buyers by cutting this unfair double tax.
Matthew Sinclair, chief executive of the TPA, said: “The government needs to act on ministers’ rhetoric about getting people onto the property ladder and cut this unfair tax.”
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