take reflects two big changes to stamp duty in the past two years, as well as the impact of the continued rise in average house prices, which have gone up by 7% in the past year.

In December 2014, the whole SDLT system was overhauled and new tax rates were brought in.

These range from 0% on homes worth £125,000 or less, up to 12% on the top slice of homes worth more than £1.5m.

The overall effect of the new system is that stamp duty has been cut for the 95% of buyers who buy homes worth less than £1m, but has been raised for those buying more expensive properties.

Then, in April this year, a SDLT surcharge was brought in for anyone buying a second home.

This added a further threereagents/materials/analysis tools: PW. Wrote the paper: CT ETM PW ADH. Provided essential data & necessary intellectual input for the manuscript: AKG NS JD ADH. Essential intellectual input: RH DK.

[^3]: Current address: Department of Epidemiology and Public Health, University College London, London, United Kingdom

[^4]: Current address: Division of Psychiatry, Faculty of Brain Sciences, University College London, London, United Kingdom
