Just 17% of homes selling for more than £500k
The latest analysis by eXp UK has revealed that while just 17.4% of homes sold across England and Wales so far this year achieved a price of £500,000 or more, agents in London, the South East, and the East of England will face the greatest need to adapt should the Government press ahead with plans to replace Stamp Duty with a homeowner-based levy.
eXp UK analysed Land Registry Price Paid data covering 281,108 completed transactions across England and Wales since the start of 2025.
The research shows that just 48,942 homes sold for more than £500,000, equating to 17.4% of the market. This suggests that any change from Stamp Duty to a homeowner tax would lift the upfront burden from the vast majority of buyers, providing a clear incentive for those struggling with affordability.
Under the proposed changes, instead of buyers paying Stamp Duty upfront, the responsibility would shift to homeowners in the form of a levy applied to homes valued above £500,000. This would represent a fundamental shift in the way transactions are taxed, easing affordability pressures for the majority of buyers but creating new considerations for those looking to climb the ladder, particularly at £500,000 or more.
However, further regional analysis by eXp UK highlights how uneven the impact could be on the market and for estate agents operating within these markets.
In London, 53.3% of all sales in the last 12 months were at £500,000 or above – the highest proportion by far. This means that over half of all transactions in the capital could fall within the scope of any homeowner-based levy.
The South East is also heavily exposed, with 27.3% of transactions above £500,000, followed by the East of England at 20.4%.
By contrast, in Wales just 4.1% of homes sold for £500,000 or more, with even lower proportions recorded in the North East (3%) and Yorkshire and the Humber (5.4%).
Adam Day, Head of eXp UK and Europe, commented:
“Policy changes such as the proposed move from Stamp Duty to a homeowner levy would create a very different market landscape for agents across England and Wales.
While the majority of buyers would clearly benefit from reduced upfront costs, agents in regions such as London and the South East will need to adapt quickly given the higher proportion of homes that could fall under the new system.
As agents, it’s our responsibility to lead from the front and provide sound advice and clarity for our sellers, especially in times of notable change and at eXp, our model is designed to give agents the flexibility and support to thrive regardless of market conditions.
By combining autonomy with industry-leading training, innovative technology, and access to a global community, we ensure our agents are equipped to meet the needs of buyers and sellers across all markets, whatever the requirements may be.”
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