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Stamp duty increases by a quarter on last year

The average amount of money paid in stamp duty has increased by an average of 24.76 per cent, according to mform.co.uk.

The online mortgage company says Treasury data indicates the average amount of stamp duty has increased since last year from £2870.65 to £3,581.37.

mform.co.uk says as stamp duty rises, more people will look to pay for this by adding it to their mortgages.

It says of those people who have paid stamp duty over the past three years, 28 per cent increased their mortgages by on average £3,771 to help pay for it.

London has the highest level of stamp duty per property sold at £7,942, compared to £1,585 in the lowest region, Scotland.

But Northern Ireland saw the average stamp duty per property sold rise by 104 per cent from £1,178.08 to £2309.72.

mform.co.uk marketing and business development director Francis Ghiloni says: “An extra £3,770 on a mortgage of £150,000 at 6.24 per cent interest would increase monthly repayments from £988.58 to £1,013.42. Over 25 years, this would increase the cost by £7,452, which is a significant amount of money.

“As house prices rise, the cost of stamp duty will increase and we expect more people to pay for this by adding it to their mortgage.”

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