The Chancellor, George Osborne, announced today in his Autumn Statement that Stamp Duty will be cut for millions of ordinary house buyers but significantly hiked for those at the top end.

Houses worth less than 125,000 will be exempt from stamp duty when sold, with rates climbing from 2pc for homes worth between 125,001 and 250,000, 5pc between 250,001 and 925,000, 10pc between 925,001 and 1.5m and 12pc above that.

The current system, where the amount owed jumps at each threshold level, will be replaced by a graduated rate, working in a similar way to income tax, from midnight.

For a 1 million property it will rise by 3,750, from 40,000 to 43,750.

At 2 million it will shoot up 53,750, from 100,000 to 153,750.

And for a 5 million home it will soar by an eye-watering 163,750, from 350,000 to 513,750.

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