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Driven away: Home buyers are feeling the pinch

A Hounslow estate agent fears potential homeowners are being driven away from the borough following the sharp rise in stamp duty.

The average bill faced by first-time buyers in Hounslow has reached more than £7,500 according to figures released by Halifax.

Stamp duty is paid at 1 per cent of the property if the value of the home is between £125,000 and £250,000.

It rises to 3 per cent on homes worth between £250,000 and £300,000. The tax is 4 per cent of properties worth more than £500,000.

Steve Parr, valuations manager of Your Move in Hounslow High Street said: "Last year, people may have got mortgages for between £230,000 and £250,000 for a two bedroom house. However, the average price is £260,000 leaving a bill for stamp duty as £7,500.

"As a consequence, the value of homes have jumped above the stamp duty threshold of 3 per cent. Since the Northern Rock crisis, we are busily selling mortgages but most are for investment buyers aiming to let out the properties.

"It is sad to see a lack of families coming into Hounslow as many are choosing to move to other areas such as Isleworth and Whitton."

With tighter lending rules, legal fees, a 10 per cent deposit and stamp duty at the three per cent threshold home buyers need to raise £39,000 for the first rung of the property ladder.

5:14pm Friday 21st March 2008

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