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Govt gets £1bn extra in stamp duty from housing boom

Increasing house prices have seen stamp duty revenue rise by almost £1bn a year.

The Times reports research from Lloyds Bank which show 83 per cent of homeowners now have to pay the levy compared with just 17 per cent in 1998.

Lloyds has calculated the average homeowner in England and Wales would pay nearly £12,000 in stamp duty during a lifetime. Those living in London would have to pay £38,000.

In the year to March the bank says £5.6bn was collected through the tax, up from £4.7bn the previous year.

According to the Office for National Statistics, house prices in London soared 18.7 per cent in the year to April with the average price in the capital hitting £485,000, up from £409,000.

The average UK house price shot up to £260,000 in April, a rise of 9.9 per cent from £238,000 a year earlier.


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