Rightmove stats and comment ahead of Autumn Statement

Love or Hate Rightmove

Stamp Duty


  • The average stamp duty that a home-mover (not a first-time buyer) pays is currently £5,607 (based on the average asking price of £362,143)
  • 29% of homes on the market are currently exempt from stamp duty for all home-movers (excluding second homes, anything £250,000 or below)
  • 62% of homes on the market are currently exempt from stamp duty for first-time buyers (anything £425,000 or below)
  • The percentage of properties that are on the market by the current different stamp duty bands are all follows:
    • £250,000 and below – 29.3% of properties
    • £250,001 to £925,000 – 62.4% of properties
    • £925,000 – £1.5 million – 5.1% of properties
    • Anything above £1.5 million – 3.2% of properties
  • If the stamp duty cut was on all properties up to £500,000, it would mean 72% of properties in England would be exempt from stamp duty


Tim Bannister, Rightmove’s property expert says: “Stamp Duty was changed as recently as a year ago, albeit only temporarily until March 2025, so further changes so soon would seem unlikely. Further cuts or a permanent change to the thresholds would be welcomed by many, particularly by affordability-stretched first-time buyers. However, further stamp duty cuts are unlikely to lead to a rush of activity, as buyers would need to weigh up any benefit in savings against higher mortgage rates and their monthly mortgage payments.”


Mortgage guarantee scheme


  • Analysis using the latest earnings data from ONS shows single first-time buyers on the average salary could not afford to use the government’s 95% mortgage guarantee scheme on three quarters of properties in the typical first-time buyer market
  • In London, a single first-time buyer on an average London salary could afford only 2% of properties using this 5% deposit scheme, compared to 67% of properties for those in the North East:
    • Westminster, Islington & Camden top the list of areas where a single first-time buyer could afford the smallest proportion of typical first-time buyer homes for sale on the average salary
  • Options to use the scheme greatly open up for those buying with a partner, friend or family member, with 70% of first-time buyer properties in Great Britain within the affordability limit of the average two-person income
  • Rightmove suggests more options could be considered to help people buying on their own to get on the property ladder


Tim Bannister, Rightmove’s property expert says: “Having enough affordable homes in the right places has been an ongoing challenge. It’s clear from our analysis that people trying to buy on their own on the average salary are likely to be priced out of the majority of homes without significant financial help from elsewhere. The government is likely looking at multiple options and how they could help home-movers, and so we wanted to highlight that this group would particularly welcome any help or incentives.”


Matt Smith, Rightmove’s mortgage expert adds: Any focus and support for those with the smallest deposits is always going to be welcome. However, in reality the mortgage guarantee scheme is only able to help a very small portion of movers, with the majority of first time buyers preferring to get the affordability benefits of saving for a bigger deposit . If the scheme was cancelled then it may be seen as a disappointing outcome by some, but in reality it’s unlikely to have a significant impact on consumer choice, as many lenders are offering 5% deposit deals outside of the government scheme.”


UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

You May Also Enjoy

Breaking News

Breaking Property News – 07/12/23

Daily bite-sized proptech and property news in partnership with Proptech-X.   Blend of short-tail and long-tail lead generation strategies is crucial for estate agents In the ever-evolving estate agency sector, the game-changing role of digital marketing is more evident than ever. Recognising the significance of a well-rounded approach, today’s estate agents are urged to embrace…
Read More
Estate Agent Talk

Enhance Your Home’s Curb Appeal With These Simple Upgrades

Recognizing the significance of curb appeal is universal among the majority of homeowners, whether you’re in the market to sell, rent, or simply create a lasting impression for your family and guests. Investing in your home’s curb appeal not only pays off aesthetically but also adds tangible value to your property. Fortunately, there’s no need…
Read More
Estate Agent Talk

Navigating the Realm of Real Estate: A Comprehensive Guide to Property, Land, and Home Deco

Real property, encompassing land, buildings, and other tangible assets, is a dynamic and multifaceted region that performs a pivotal position in shaping our dwelling environments and influencing economic growth. Understanding the intricacies of actual estate is essential for people in search of to put money into assets, acquire their dream houses, or honestly stay knowledgeable…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker – 06/12/23

The average 5-year fixed mortgage rate is now 5.11%, down from 5.36% a year ago The average 2-year fixed mortgage rate is now 5.52%, down from 5.61% a year ago The average 85% LTV 5-year fixed mortgage rate is now 5.20%, down from 5.37% a year ago The average 60% LTV 5-year fixed mortgage rate…
Read More
Love or Hate Rightmove
Breaking News

Rightmove Happy at Home Index 2023: Richmond upon Thames named happiest place to live by residents

The borough of Richmond upon Thames in London has been crowned the happiest place to live in Great Britain, followed by Winchester in Hampshire: It’s the first time a London location has topped Rightmove’s Happy at Home Index, now in its 12th year Monmouth in Wales takes third place, the first time an area from…
Read More
Estate Agent Talk

How to Use Green Carbide for Sustainable and Affordable Real Estate Projects

How Recycled Carbide Can Help You Build Greener and Cheaper Real Estate Projects Green carbide is a cutting-edge material that CERATIZIT, a leading provider of hard material solutions, has developed. It is a kind of cemented carbide that is made from over 99% of recycled carbide from old milling cutters, drills and solid carbide tools.…
Read More