Million pound drop: stamp duty rise could push prices down - Telegraph

Million pound drop: stamp duty rise could push prices down - Telegraph

Buyers at the top end of the market have been largely immune to the mortgage restrictions and sharp price lurches of recent years – but that is set to change thanks to an imminent hike in stamp duty for homes over £1 million.

Currently, any home selling above £500,000 attracts four per cent stamp duty, so a home costing £1.1 million obliges buyers to pay a hefty £44,000 duty to the Government.

From April 6, homes over £1 million will attract five per cent duty – so that a £1.1 million property requires £55,000 duty.