Homebuyers pay less stamp duty

Research by Halifax has found homebuyers in England and Wales are typically paying £4,500 less in stamp duty than before the system was overhauled a year ago. It found the bill for stamp duty land tax on an average priced property in England and Wales – currently £273,531 – has dropped by £4,500 since December 2014.

Overall, sales of £1m-plus homes fell by 10% in the first six months of 2015 compared with the same period in 2014. However, sales at the top end of the market for homes worth £1.5m or more suffered a 20% drop.