Many people who have purchased property will be aware of stamp duty. However for first time buyers it was often an unexpected cost that would creep up on you.
Stamp duty is land tax you pay to the government, since all land is technically owned by the crown and we simply purchase freehold and leasehold contracts of the crown we are still required to pay a fee. The previous legislation was that for first time buyers anything bought under £300,000 was inadmissible for stamp duty. The government has recently increased the amount to £500,000 in an attempt to bolster the economy and restart the market for first time buyers.