Rising house prices increased stamp duty revenue by £900m

By Michelle Rock

Stamp duty payments by property buyers increased by £900million in the last financial year according to new research by Lloyds Bank.

Rising house prices in Northern Ireland, and to a larger extent in the rest of the UK, are resulting in an increasing number of property buyers being hit with a stamp duty bill, or being pushed into the higher brackets of stamp duty. The research also suggests that the average home owner in the UK will make three property moves in their lifetime, and consequently pay nearly £12,000 on stamp duty.

Stamp duty is charged on residential property in Northern Ireland at different rates depending on the value of the property - see rates below.

Purchase price           SDLT rate
Up to £125,000           Zero
Over £125,000 to £250,000           1%
Over £250,000 to £500,000           3%
Over £500,000 to £1 million           4%
Over £1 million to £2 million           5%
Over £2 million           7%

 

If you are buying, selling or remortgaging a house in Northern Ireland, and want to speak to a property conveyancing solicitor for information and advice, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.