Mr Jones used to carry out legal work for property buyers and, since being elected as an MP had been campaigning to see the cost of Stamp Duty
that home buyers pay reduced, to help improve the housing market.
Now the new rates of stamp duty
only apply to the amount of the purchase price that falls within the particular duty band.
To make the PS9,644 calculation, it also assumed that the home owner would have bought their first property in May 1999, at a typical starter home price for that time of PS58,889, which would have been below the stamp duty
For the first three years of the next Labour government, we will abolish stamp duty
for all first time buyers of homes under PS300,000.
For example, a house at PS200,000 would be taxed at 1% so you would pay PS2,000 stamp duty
Lucian Cook, Savills UK head of residential research, comments: "It will take time for the effect of the stamp duty
changes on prices to become clear, early signs are that the additional cost is predominantly being borne by sellers through price adjustments at a level similar to the extra stamp duty
The effect of the changes is that anyone buying a property for less than PS937,500 will pay less stamp duty
or the same as they would under the old regime.
is imposed on the total value of the property rather than just the portion of the price which is above the threshold.
A report published by the Tax-Payers' Alliance last year estimated that three in 10 homes will have moved up into another stamp duty
bracket in five years' time.
The Tory plans would see no levy on any property valued up to PS250,000, if they were in power when the stamp duty
land tax is devolved to Wales.
The report said: "In Wales, 2,950 homes were bought with a Stamp Duty
rate of 3% or more in 2012-13.
The Stamp Out Stamp Duty
campaign is urging the Government to ease the burden on home- buyers.