A new study has revealed the estimated stamp duty costs on some of England’s most iconic properties, with Buckingham Palace coming out at an eye-watering £156million.
The famous palace wasn’t the only dwelling with a high stamp duty price, as the filming location for TV favourite Downtown Abbey, Highclere Castle, would set its buyer back a hefty £16million in stamp duty alone, while those looking to move to Blenheim Palace would need to pay £22million worth of tax.
The estimates, from the UK’s largest online conveyancer, My Home Move Conveyancing, reveal a selection of more affordable famous properties too, with Harry Potter’s Privet House in Berkshire coming in at a more reasonable £11,250 for those keen to purchase a magical second home.
The stamp duty land tax is something homeowners must pay when purchasing a residential property or land and its price varies depending on the property’s value. The Government’s current stamp duty holiday, which will end on Thursday 30 September, exempts home-movers buying a property under £250,000 from paying the tax.
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.
“Unsurprisingly, royal residences such as Buckingham Palace and Windsor Castle had the highest stamp duty rates, but other recognisable properties across the country, including locations featured in the nation’s favourite TV and films came out with slightly more affordable figures.
“While most of these properties won’t be on the market any time soon, especially those owned by the Crown Estate, it was certainly interesting to see how much you would potentially have to pay if you were to put in an offer in on one of these iconic properties. Although these figures may seem incredibly high, we’d 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.
“We’re inviting Brits with an eye for valuation to put their skills to the test and try to guess how much the stamp duty might cost for other famous locations, including the Tower of London, 10 Downing Street and even The Barlow’s home on Coronation Street.”
To take the quiz and be in with a chance of winning £500 by guessing the estimated stamp duty costs, visit myhomemoveconveyancing.co.uk/stamp-duty-quiz T&Cs apply.
Stamp duty costs were calculated assuming all properties are freehold, residential and not being purchased as a first home or secondary / investment property, completion is before the stamp duty holiday ends in September 2021, and that the buyer is a UK resident. All property valuations are based on desk research alone using a variety of sources to establish estimated values of the famous properties. *