Stamp duty holiday set to save homebuyers £15k in these areas

Chancellor of the Exchequer, Rishi Sunak, has today announced a stamp duty holiday for homebuyers, meaning any purchase up to £500,000 will be exempt from paying any tax.

Estate agent, Barrows and Forrester, has looked at what this means for homebuyers across the nation.

See the full data set for stamp duty savings at local authority level here.

Based on the current average house price, some 96% of areas across England and Northern Ireland will now see the average homebuyer pay no stamp duty at all based in the current average house price there.

This stamp duty holiday equates to a saving of £2,465 for the average buyer in England and £312 in Northern Ireland.

Londoners are set to save the most regionally, with previous stamp duty tax owed on the average London home (£485,794) coming in at £14,290. The North East is home to the smallest saving at £39.

However, at local authority level, the most significant saving isn’t found in the capital in terms of paying no stamp duty at all. With a current average house price of £493,878, homebuyers in St Albans are now due to pocket a considerable £14,694 in stamp duty costs.

This saving also exceeds £14,000 in Windsor and Maidenhead (£14,525), Southwark (£14,430) and Mole Valley (£14,422), with homebuyers in Tower Hamlets, Guildford, Epsom and Ewell, Harrow, Sevenoaks, Ealing, Epping Forest, Brent, Waverly, Winchester and Tandridge all set to save more than £12,000 in stamp duty costs.

However, while homebuyers in these areas have seen the cost of stamp duty eradicated from their property transaction completely, those that are still looking at a stamp duty bill are set to save even more.

Of the 16 local authorities with an average house price above £500,000, the reduction in stamp duty costs on the first £500,000 of their property purchase means a saving of £15,000.

While the average buyer in Kensington and Chelsea will still pay an eye-watering £68,360 in stamp duty, it is at least, a slight reprieve for an area of the market that has mostly been ignored by previous initiatives.

Data on stamp duty saving for properties priced over £500,000 based on the following.

Existing Stamp Duty Land Tax based on current thresholds of 2% between £125k to £250k, 5% between £250k-£925k, 10% between £925k and £1.5m and 12% over £1.5m.

New Stamp Duty Land Tax based on 5% charged on £500k to £925k, 10% between £925k and £1.5m and 12% over £1.5m.

See the full data set here.

Properganda PR

National and local media coverage for property businesses. Journo quotes delivered in minutes.

You May Also Enjoy

Estate Agent Talk

How to Buy a Property in Today’s Competitive Market

Introduction It is common knowledge that the current real estate market is thriving, particularly in Florida. It is always highly in demand, and prices are rising due to the influx of people by the hundreds of thousands and even the millions. You are now perplexed about how you will ever be able to buy a…
Read More
US Flag
Breaking News

Is the state of Georgia a good place to retire?

Introduction Florida and Georgia have been friendly rivals for a long time, probably most famously on the football field where the universities of the two states compete against one another yearly. But Florida and Georgia are also engaged in a fresh competition over which state offers a superior environment for retirees. You are lucky since…
Read More
Overseas Property

Moving to Vancouver: Is living in Vancouver pricey?

Introduction One of the cities in Canada and all of North America with the highest population density in Vancouver. It is the most culturally and linguistically diverse city in Canada and the third-largest metropolitan area in the country. Since 2014, the city has been the permanent location for TED conferences and has hosted several international…
Read More
how to present your property for sale
Overseas Property

The Top 5 Real Estate Agents in Mississauga

Looking for a real estate agent in Mississauga? Look no further! We have compiled a list of the top 5 agents in the city, based on their experience and success rate. Whether you are looking to buy or sell property, these agents will be able to help you achieve your goals. Contact one of them…
Read More

Real Estate Copywriting Guide: 5 Tips For More Sales

Content related to real estate takes an important place in the thematic sections of copywriting. People always buy, sell or rent housing, which means this topic never loses relevance. However, real estate content cannot be called simple, but if you want big sales, you need to improve in this area, and you can learn how…
Read More
Breaking News


Daily bite-sized proptech and property news in partnership with Proptech-X.   Half of tenants who fear never owning own home face uphill battle in pet-averse rented sector New research from animal welfare charity Battersea reveals that one in two tenants fear they will never buy a home, with the growing number of lifetime renters significantly…
Read More