Average house price rises above stamp duty threshold

According to estate agents Rightmove, the average house price has now risen above the one percent UK stamp duty threshold of £250,000.

The average house in England and Wales is now worth an average of £251,964, meaning many buyers will now be forced to pay three percent stamp duty to secure their dream home.

“The shortage of properties on the market and pent up buyer demand is helping to push prices over that £250,000 level,” said Rightmove’s Miles Shipside. “It does mean that moving is more expensive, so as well as higher prices, more buyers are now having to pay additional stamp duty as well.”

It’s not just prices that are increasing, either – the volume of properties currently available for sale are also on an upwards curve, with Rightmove recording an 18% jump in listingsin 2014.

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