Estate agency haart in Borehamwood warned today that a stamp duty “crunch” is coming nearer and it could cost the buyer of a typical home at least £5,000 extra on top of all the other costs of moving.

At the current rate of house price growth (around 10% a year nationally) the buyer of an average home (£204,429*) today will be subject to a 3% stamp duty tax rate within just 30 months, or before the end of 2016.

This amounts to £7,500 – an additional £5,000 when compared to the 1% band – in duty on a home costing £250,001 Said, Stefano Tolaini Branch Manager: “Stamp duty is already a punishing tax on buyers, not least because bands have not moved upwards in line with house price inflation.

“I see a crunch coming and it will unjustly tax people out of moving or owning their own home in the first place.

“The Government received £4.7 billion** in stamp duty in 2012/2013. We believe ministers should prepare to act to help hard-pressed buyers by lifting the tax thresholds or reforming in other ways.”

There is no duty on properties bought for up to £125,000. The rate is 1% (£125,001 to £250,000), 3% (£250,001 to £500,000), 4% (£500,001 to £1 million), 5% over £1 million and 7% for purchase prices over £2 million.

haart is part of the UK's largest independent estate agency. Customers have access to the latest online and social media marketing tools, plus traditional print advertising and ‘open house events’ to boost buyer interest. Phone lines are open from 8am to 10pm seven days a week. Visit www.haart.co.uk.