Rising house prices might be great news for many home owners. But the big downside is the booming cost of stamp duty. Now, 25% of home owners shell out of stamp duty at the rate of 3%-plus – the band valuing property between £250,000 and £500,000 - compared to just 10% back in 2003.
That's terrific news for the Treasury, especially when house prices are predicted to climb close to 10% across the UK this year. Stamp duty hauled in more than £1 billion in July alone. But it's also a massive stealth tax. So, with an election around the corner, any chance of reform?