If you intend buying a house someday, you probably know that stamp duty is one cost you need to take into consideration.
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But have you ever wondered how much some of the iconic properties you see around cost in terms of stamp duty?
Well, a recent study delved into the estimated stamp duty costs on some of these properties. The results placed Buckingham Palace on top of the list at a whopping £156 million.
Other properties
The administrative headquarters of the British monarchy is not the only property that attracts high stamp duty costs.
Research figures also show that a prospective buyer of Highclere Castle — the filming location of the popular drama, Downton Abbey — would have to dole a sum of £16million in stamp duty alone.
If it’s Blenheim Palace you are looking to move into, be prepared to be set back by £22 million in tax.
But not all of England’s famous buildings attract such high stamp duties.
According to the estimates from the UK’s largest online conveyancer, My Home Move Conveyancing, Harry Potter’s Privet House in Berkshire coming in at a more reasonable £11,250.
To move into the Barlow home, located on 1 Coronation Street —one of the soap’s most recognisable properties —you would not be required to pay any stamp duty at all.
Dev Malle, Chief Business Development Officer at My Home Move Conveyancing, said,
Stamp duty is a key part of the house buying process, so it was interesting to reveal just how much it might cost a prospective buyer if they were purchasing some of England’s most iconic properties.
Hope for future homebuyers
Stamp duty is a tax that is levied on single property purchases with its price varying depending on the property’s value.
The Government’s current stamp duty holiday, which will end on September 30, exempts home-movers buying a property under £250,000 from paying the tax.
But Malle assured future homeowners, they could still pay reasonable money in stamp duty costs.
Although these figures may seem incredibly high, we would like to reassure future homeowners; with the average purchase price of £275,000 for a home in England, the stamp duty charge would be significantly less than the iconic properties, coming in at £1,250.
