1. ITV Report

Soaring house prices force stamp duty on first time buyers

Houses for sale Photo: Reuters

A new report has found that 97% of first timebuyers in London are having to fork out for stamp duty on their new home, dueto rising house prices in the capital.

The Halifax report showed first-time buyernumbers soared to their highest levels since 2007 in the first half of thisyear. Improvements to the housing market made it easier for people to get on tothe property ladder.

But the upturn in the housing market has causedhouse prices to climb ever higher. Now the majority of Londoners taking theirfirst step on the housing ladder buy homes over the £125,000 pound stamp dutythreshold.

Londonersalso typically need to find the biggest deposit, at an average of £60,747.