More first timers in the stamp duty trap

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The tax has become a major barrier to home ownership in most regions of Britain, says a report from the centre-Right think-tank Policy Exchange.

Rising house prices mean many more properties now attract stamp duty.

It is not charged on sales up to £125,000 and rises to one per cent of the value for homes worth £125,000 to £250,000, 3 per cent for those at £250,000-500,000 and 4 per cent above £500,000.

This means a home sold for £400,000 nets the Treasury £12,000.

Gordon Brown is expected this week to outline his plans to alleviate the difficulties many youngsters have buying a home.

But the report points out that Mr Brown oversaw ever-higher stamp duty during his years as chancellor.

Shadow chancellor George Osborne said yesterday: "This startling report reveals the truth behind Gordon Brown's spin.

"After ten years of keeping young people off the housing ladder, will anyone believe he has any fresh ideas?'

The think-tank says stamp duty should be slashed or abolished altogether.