The prime property pockets where stamp duty hits £1.6m, even with a stamp duty holiday

The latest research from high-net-worth mortgage broker, Enness Global, has revealed that in some parts of the high-end London market homebuyers are still looking at a stamp duty bill of £1.6m, despite today’s announcement.

The chancellor has scrapped stamp duty on property transactions up to the £500,000 mark, a move that will be welcomed by the average home buyer who stands to save nearly £2,500 on their purchase.

Of course, this saving will be more notable in some parts of the market, with the average London homeowner due to save over £14,000 on their transaction. With this stamp duty holiday also applying to the first £500,000 for purchases above this threshold, high-end buyers will also enjoy a considerable saving of as much as £15,000.

Enness Global analysed the current median sold price in London’s most prestigious property postcodes for transactions over £3m so far this year. They then looked at the current stamp duty tax cost and what it will be now with the discount considered.

Across these postcodes, the median sold price for transactions above £3m is £4.9m so far this year. At this price threshold, the stamp duty owed would be £504,394, falling to £489,394 with today’s discount considered.

The N2 postcode is home to the highest stamp duty bill. With a median sold price of £14.1m so far this year, homebuyers would usually pay over £1.6m in stamp duty, although with the discount applied this falls to £1,595,250.

The W1K postcode is also home to a stamp duty bill in excess of £1m. Pre-discount, the median sold price of over £9.2m would have racked up a bill of £1,021,050; however, with the discount applied this falls to £1,006,050.

The W1G, NW8, SW1W, N6, SW1A and SW3 postcodes are also home to a median sold price between £5.6m-£7.5m so far this year, meaning even with today’s reduction, stamp duty will still set these high-end homebuyers back by between £570,000 and £800,000.

Below data tables and saving based on the difference between 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 a 5% charged between £500k to £925k, 10% between £925k and £1.5m and 12% over £1.5m.

Postcode district
Median Sold Price (2020)
Existing SDLT
New SDLT sum
PCL average

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