By 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 below.
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.
Managing Director of Barrows and Forrester, James Forrester, commented:
“A bold move by the chancellor today and one that will no doubt stoke the fires of homebuyer demand with such a large proportion of those transacting due to benefit.
This shot in the arm should ensure top-line demand and price growth remain immune to any unseasonal downward trends and implementing this initiative from the get-go avoids any short-term decline in transactions.
The only criticism is, perhaps, that the government has once again focussed on fuelling demand rather than addressing the more pressing issue of housing supply. While this will help boost house prices, it will do little to address the supply and demand imbalance and the problem of affordability that many are already facing.”
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 below:
Areas Below £500,000
| Location | Region | Average House Price | Previous Stamp Duty Owed/Saved |
|---|---|---|---|
| South Northamptonshire | EAST MIDLANDS | £327,335 | £6,367 |
| Harborough | EAST MIDLANDS | £308,651 | £5,433 |
| Derbyshire Dales | EAST MIDLANDS | £295,972 | £4,799 |
| Rutland | EAST MIDLANDS | £291,359 | £4,568 |
| Rushcliffe | EAST MIDLANDS | £270,496 | £3,525 |
| Daventry | EAST MIDLANDS | £268,379 | £3,419 |
| East Northamptonshire | EAST MIDLANDS | £259,410 | £2,970 |
| Melton | EAST MIDLANDS | £246,320 | £2,426 |
| Oadby and Wigston | EAST MIDLANDS | £232,703 | £2,154 |
| Blaby | EAST MIDLANDS | £230,708 | £2,114 |
| Charnwood | EAST MIDLANDS | £226,389 | £2,028 |
| South Kesteven | EAST MIDLANDS | £213,438 | £1,769 |
| Wellingborough | EAST MIDLANDS | £211,433 | £1,729 |
| Hinckley and Bosworth | EAST MIDLANDS | £211,430 | £1,729 |
| Northampton | EAST MIDLANDS | £211,336 | £1,727 |
| North Kesteven | EAST MIDLANDS | £210,934 | £1,719 |
| High Peak | EAST MIDLANDS | £210,296 | £1,706 |
| North West Leicestershire | EAST MIDLANDS | £202,260 | £1,545 |
| Kettering | EAST MIDLANDS | £200,794 | £1,516 |
| Broxtowe | EAST MIDLANDS | £196,420 | £1,428 |
| South Derbyshire | EAST MIDLANDS | £196,312 | £1,426 |
| North East Derbyshire | EAST MIDLANDS | £194,368 | £1,387 |
| South Holland | EAST MIDLANDS | £190,142 | £1,303 |
| Gedling | EAST MIDLANDS | £189,721 | £1,294 |
| Amber Valley | EAST MIDLANDS | £187,563 | £1,251 |
| Leicester | EAST MIDLANDS | £187,449 | £1,249 |
| Newark and Sherwood | EAST MIDLANDS | £186,543 | £1,231 |
| Corby | EAST MIDLANDS | £177,927 | £1,059 |
| West Lindsey | EAST MIDLANDS | £175,068 | £1,001 |
| East Lindsey | EAST MIDLANDS | £172,844 | £957 |
| Erewash | EAST MIDLANDS | £167,392 | £848 |
| Chesterfield | EAST MIDLANDS | £164,355 | £787 |
| City of Derby | EAST MIDLANDS | £159,056 | £681 |
| Lincoln | EAST MIDLANDS | £154,871 | £597 |
| Bassetlaw | EAST MIDLANDS | £154,139 | £583 |
| Boston | EAST MIDLANDS | £148,204 | £464 |
| City of Nottingham | EAST MIDLANDS | £143,469 | £369 |
| Ashfield | EAST MIDLANDS | £142,943 | £359 |
| Mansfield | EAST MIDLANDS | £141,395 | £328 |
| Bolsover | EAST MIDLANDS | £123,791 | £0 |
| St Albans | EAST OF ENGLAND | £493,878 | £14,694 |
| Epping Forest | EAST OF ENGLAND | £451,335 | £12,567 |
| Hertsmere | EAST OF ENGLAND | £439,231 | £11,962 |
| Brentwood | EAST OF ENGLAND | £430,739 | £11,537 |
| Uttlesford | EAST OF ENGLAND | £418,001 | £10,900 |
| Cambridge | EAST OF ENGLAND | £413,236 | £10,662 |
| Dacorum | EAST OF ENGLAND | £409,308 | £10,465 |
| Welwyn Hatfield | EAST OF ENGLAND | £404,316 | £10,216 |
| East Hertfordshire | EAST OF ENGLAND | £396,304 | £9,815 |
| South Cambridgeshire | EAST OF ENGLAND | £378,293 | £8,915 |
| Rochford | EAST OF ENGLAND | £353,982 | £7,699 |
| Broxbourne | EAST OF ENGLAND | £341,351 | £7,068 |
| Maldon | EAST OF ENGLAND | £340,237 | £7,012 |
| North Hertfordshire | EAST OF ENGLAND | £338,368 | £6,918 |
| Watford | EAST OF ENGLAND | £334,610 | £6,731 |
| Chelmsford | EAST OF ENGLAND | £330,064 | £6,503 |
| Castle Point | EAST OF ENGLAND | £319,753 | £5,988 |
| Central Bedfordshire | EAST OF ENGLAND | £314,286 | £5,714 |
| Basildon | EAST OF ENGLAND | £307,414 | £5,371 |
| Babergh | EAST OF ENGLAND | £299,538 | £4,977 |
| East Cambridgeshire | EAST OF ENGLAND | £294,073 | £4,704 |
| Stevenage | EAST OF ENGLAND | £289,009 | £4,450 |
| Southend-on-Sea | EAST OF ENGLAND | £288,327 | £4,416 |
| Bedford | EAST OF ENGLAND | £283,674 | £4,184 |
| South Norfolk | EAST OF ENGLAND | £273,994 | £3,700 |
| Braintree | EAST OF ENGLAND | £272,852 | £3,643 |
| Thurrock | EAST OF ENGLAND | £266,991 | £3,350 |
| North Norfolk | EAST OF ENGLAND | £266,987 | £3,349 |
| Colchester | EAST OF ENGLAND | £264,734 | £3,237 |
| Harlow | EAST OF ENGLAND | £262,524 | £3,126 |
| West Suffolk | EAST OF ENGLAND | £262,446 | £3,122 |
| Huntingdonshire | EAST OF ENGLAND | £261,319 | £3,066 |
| Broadland | EAST OF ENGLAND | £257,474 | £2,874 |
| Mid Suffolk | EAST OF ENGLAND | £256,868 | £2,843 |
| East Suffolk | EAST OF ENGLAND | £248,580 | £2,472 |
| Luton | EAST OF ENGLAND | £229,983 | £2,100 |
| Breckland | EAST OF ENGLAND | £227,459 | £2,049 |
| Tendring | EAST OF ENGLAND | £220,849 | £1,917 |
| King’s Lynn and West Norfolk | EAST OF ENGLAND | £203,625 | £1,573 |
| Norwich | EAST OF ENGLAND | £203,473 | £1,569 |
| Ipswich | EAST OF ENGLAND | £197,722 | £1,454 |
| City of Peterborough | EAST OF ENGLAND | £197,118 | £1,442 |
| Fenland | EAST OF ENGLAND | £182,549 | £1,151 |
| Great Yarmouth | EAST OF ENGLAND | £168,687 | £874 |
| Southwark | LONDON | £488,610 | £14,430 |
| Tower Hamlets | LONDON | £472,662 | £13,633 |
| Harrow | LONDON | £454,716 | £12,736 |
| Ealing | LONDON | £454,027 | £12,701 |
| Brent | LONDON | £446,966 | £12,348 |
| Waltham Forest | LONDON | £437,153 | £11,858 |
| Bromley | LONDON | £430,033 | £11,502 |
| Lewisham | LONDON | £424,233 | £11,212 |
| Hounslow | LONDON | £423,042 | £11,152 |
| Redbridge | LONDON | £418,473 | £10,924 |
| Hillingdon | LONDON | £417,977 | £10,899 |
| Greenwich | LONDON | £415,693 | £10,785 |
| Newham | LONDON | £387,326 | £9,366 |
| Enfield | LONDON | £386,000 | £9,300 |
| Sutton | LONDON | £377,458 | £8,873 |
| Croydon | LONDON | £358,356 | £7,918 |
| Havering | LONDON | £352,951 | £7,648 |
| Bexley | LONDON | £331,679 | £6,584 |
| Barking and Dagenham | LONDON | £327,136 | £6,357 |
| North Tyneside | NORTH EAST | £160,339 | £707 |
| Newcastle upon Tyne | NORTH EAST | £160,121 | £702 |
| Northumberland | NORTH EAST | £152,051 | £541 |
| Tyne and Wear | NORTH EAST | £141,216 | £324 |
| Stockton-on-Tees | NORTH EAST | £136,052 | £221 |
| South Tyneside | NORTH EAST | £132,321 | £146 |
| Darlington | NORTH EAST | £131,112 | £122 |
| Redcar and Cleveland | NORTH EAST | £126,970 | £39 |
| Gateshead | NORTH EAST | £126,450 | £29 |
| Sunderland | NORTH EAST | £121,212 | £0 |
| Middlesbrough | NORTH EAST | £119,358 | £0 |
| Hartlepool | NORTH EAST | £104,818 | £0 |
| County Durham | NORTH EAST | £96,279 | £0 |
| Trafford | NORTH WEST | £293,243 | £4,662 |
| Stockport | NORTH WEST | £240,204 | £2,304 |
| South Lakeland | NORTH WEST | £234,974 | £2,199 |
| Ribble Valley | NORTH WEST | £232,648 | £2,153 |
| Cheshire East | NORTH WEST | £228,699 | £2,074 |
| Cheshire West and Chester | NORTH WEST | £208,353 | £1,667 |
| Warrington | NORTH WEST | £195,750 | £1,415 |
| Eden | NORTH WEST | £193,835 | £1,377 |
| Chorley | NORTH WEST | £187,146 | £1,243 |
| Bury | NORTH WEST | £185,755 | £1,215 |
| Manchester | NORTH WEST | £184,506 | £1,190 |
| West Lancashire | NORTH WEST | £182,022 | £1,140 |
| Greater Manchester | NORTH WEST | £177,613 | £1,052 |
| South Ribble | NORTH WEST | £174,886 | £998 |
| Fylde | NORTH WEST | £171,766 | £935 |
| Salford | NORTH WEST | £170,058 | £901 |
| Wirral | NORTH WEST | £161,655 | £733 |
| Allerdale | NORTH WEST | £160,600 | £712 |
| Rossendale | NORTH WEST | £158,450 | £669 |
| Sefton | NORTH WEST | £156,609 | £632 |
| Lancaster | NORTH WEST | £155,468 | £609 |
| Tameside | NORTH WEST | £153,365 | £567 |
| Wyre | NORTH WEST | £147,136 | £443 |
| Merseyside | NORTH WEST | £144,673 | £393 |
| Bolton | NORTH WEST | £141,910 | £338 |
| Rochdale | NORTH WEST | £140,207 | £304 |
| Halton | NORTH WEST | £139,780 | £296 |
| Wigan | NORTH WEST | £139,771 | £295 |
| Oldham | NORTH WEST | £136,101 | £222 |
| Carlisle | NORTH WEST | £135,597 | £212 |
| Liverpool | NORTH WEST | £134,446 | £189 |
| St Helens | NORTH WEST | £130,583 | £112 |
| Knowsley | NORTH WEST | £126,496 | £30 |
| Preston | NORTH WEST | £126,448 | £29 |
| Blackburn with Darwen | NORTH WEST | £117,588 | £0 |
| Copeland | NORTH WEST | £117,401 | £0 |
| Barrow-in-Furness | NORTH WEST | £114,608 | £0 |
| Pendle | NORTH WEST | £108,199 | £0 |
| Blackpool | NORTH WEST | £106,855 | £0 |
| Hyndburn | NORTH WEST | £102,891 | £0 |
| Burnley | NORTH WEST | £86,074 | £0 |
| Lisburn and Castlereagh | NORTHERN IRELAND | £165,294 | £806 |
| Ards and North Down | NORTHERN IRELAND | £155,795 | £616 |
| Causeway Coast and Glens | NORTHERN IRELAND | £151,902 | £538 |
| Antrim and Newtownabbey | NORTHERN IRELAND | £149,949 | £499 |
| Newry Mourne and Down | NORTHERN IRELAND | £144,595 | £392 |
| Belfast | NORTHERN IRELAND | £138,007 | £260 |
| Mid Ulster | NORTHERN IRELAND | £135,955 | £219 |
| Fermanagh and Omagh | NORTHERN IRELAND | £132,163 | £143 |
| Mid and East Antrim | NORTHERN IRELAND | £129,069 | £81 |
| Derry City and Strabane | NORTHERN IRELAND | £125,616 | £12 |
| Armagh City Banbridge and Craigavon | NORTHERN IRELAND | £125,188 | £4 |
| Windsor and Maidenhead | SOUTH EAST | £490,501 | £14,525 |
| Mole Valley | SOUTH EAST | £488,437 | £14,422 |
| Guildford | SOUTH EAST | £461,574 | £13,079 |
| Epsom and Ewell | SOUTH EAST | £459,231 | £12,962 |
| Sevenoaks | SOUTH EAST | £454,103 | £12,705 |
| Waverley | SOUTH EAST | £442,543 | £12,127 |
| Winchester | SOUTH EAST | £441,880 | £12,094 |
| Tandridge | SOUTH EAST | £440,521 | £12,026 |
| Tunbridge Wells | SOUTH EAST | £421,075 | £11,054 |
| Reigate and Banstead | SOUTH EAST | £420,927 | £11,046 |
| Woking | SOUTH EAST | £419,427 | £10,971 |
| Wokingham | SOUTH EAST | £405,631 | £10,282 |
| Chichester | SOUTH EAST | £404,237 | £10,212 |
| Hart | SOUTH EAST | £402,548 | £10,127 |
| Runnymede | SOUTH EAST | £399,925 | £9,996 |
| Oxford | SOUTH EAST | £395,746 | £9,787 |
| Surrey Heath | SOUTH EAST | £386,470 | £9,324 |
| South Oxfordshire | SOUTH EAST | £385,639 | £9,282 |
| Horsham | SOUTH EAST | £378,212 | £8,911 |
| Tonbridge and Malling | SOUTH EAST | £373,567 | £8,678 |
| Brighton and Hove | SOUTH EAST | £372,458 | £8,623 |
| East Hampshire | SOUTH EAST | £366,418 | £8,321 |
| Mid Sussex | SOUTH EAST | £360,468 | £8,023 |
| Spelthorne | SOUTH EAST | £353,083 | £7,654 |
| West Berkshire | SOUTH EAST | £349,282 | £7,464 |
| Bracknell Forest | SOUTH EAST | £345,763 | £7,288 |
| Vale of White Horse | SOUTH EAST | £341,993 | £7,100 |
| New Forest | SOUTH EAST | £339,640 | £6,982 |
| Wealden | SOUTH EAST | £328,800 | £6,440 |
| Lewes | SOUTH EAST | £323,460 | £6,173 |
| West Oxfordshire | SOUTH EAST | £321,403 | £6,070 |
| Gravesham | SOUTH EAST | £321,057 | £6,053 |
| Test Valley | SOUTH EAST | £319,963 | £5,998 |
| Adur | SOUTH EAST | £314,710 | £5,736 |
| Canterbury | SOUTH EAST | £298,219 | £4,911 |
| Slough | SOUTH EAST | £296,738 | £4,837 |
| Ashford | SOUTH EAST | £296,129 | £4,806 |
| Cherwell | SOUTH EAST | £295,602 | £4,780 |
| Fareham | SOUTH EAST | £295,434 | £4,772 |
| Arun | SOUTH EAST | £293,268 | £4,663 |
| Maidstone | SOUTH EAST | £293,072 | £4,654 |
| Dartford | SOUTH EAST | £292,213 | £4,611 |
| Basingstoke and Deane | SOUTH EAST | £291,205 | £4,560 |
| Eastleigh | SOUTH EAST | £290,453 | £4,523 |
| Crawley | SOUTH EAST | £285,725 | £4,286 |
| Worthing | SOUTH EAST | £283,811 | £4,191 |
| Rother | SOUTH EAST | £280,884 | £4,044 |
| Reading | SOUTH EAST | £276,130 | £3,807 |
| Rushmoor | SOUTH EAST | £270,423 | £3,521 |
| Folkestone and Hythe | SOUTH EAST | £266,874 | £3,344 |
| Milton Keynes | SOUTH EAST | £264,268 | £3,213 |
| Havant | SOUTH EAST | £259,563 | £2,978 |
| Medway | SOUTH EAST | £246,550 | £2,431 |
| Eastbourne | SOUTH EAST | £244,536 | £2,391 |
| Dover | SOUTH EAST | £243,833 | £2,377 |
| Thanet | SOUTH EAST | £234,375 | £2,187 |
| Swale | SOUTH EAST | £234,096 | £2,182 |
| Gosport | SOUTH EAST | £218,452 | £1,869 |
| Isle of Wight | SOUTH EAST | £216,133 | £1,823 |
| Hastings | SOUTH EAST | £215,117 | £1,802 |
| Portsmouth | SOUTH EAST | £206,572 | £1,631 |
| Southampton | SOUTH EAST | £199,660 | £1,493 |
| Cotswold | SOUTH WEST | £386,269 | £9,313 |
| Bath and North East Somerset | SOUTH WEST | £346,379 | £7,319 |
| South Hams | SOUTH WEST | £315,217 | £5,761 |
| East Devon | SOUTH WEST | £303,888 | £5,194 |
| Stroud | SOUTH WEST | £295,487 | £4,774 |
| City of Bristol | SOUTH WEST | £285,268 | £4,263 |
| Dorset | SOUTH WEST | £285,051 | £4,253 |
| Bournemouth, Christchurch and Poole | SOUTH WEST | £283,469 | £4,173 |
| Cheltenham | SOUTH WEST | £282,810 | £4,140 |
| Tewkesbury | SOUTH WEST | £277,713 | £3,886 |
| South Gloucestershire | SOUTH WEST | £275,864 | £3,793 |
| Mendip | SOUTH WEST | £273,800 | £3,690 |
| Wiltshire | SOUTH WEST | £272,870 | £3,644 |
| North Devon | SOUTH WEST | £263,864 | £3,193 |
| Exeter | SOUTH WEST | £261,164 | £3,058 |
| North Somerset | SOUTH WEST | £257,948 | £2,897 |
| Teignbridge | SOUTH WEST | £250,347 | £2,517 |
| Somerset West and Taunton | SOUTH WEST | £249,324 | £2,486 |
| West Devon | SOUTH WEST | £242,212 | £2,344 |
| Forest of Dean | SOUTH WEST | £241,156 | £2,323 |
| Mid Devon | SOUTH WEST | £240,967 | £2,319 |
| Cornwall | SOUTH WEST | £238,854 | £2,277 |
| Sedgemoor | SOUTH WEST | £235,759 | £2,215 |
| Torridge | SOUTH WEST | £229,538 | £2,091 |
| South Somerset | SOUTH WEST | £228,632 | £2,073 |
| Swindon | SOUTH WEST | £218,551 | £1,871 |
| Torbay | SOUTH WEST | £214,188 | £1,784 |
| Gloucester | SOUTH WEST | £199,986 | £1,500 |
| City of Plymouth | SOUTH WEST | £178,868 | £1,077 |
| Stratford-on-Avon | WEST MIDLANDS | £329,688 | £6,484 |
| Warwick | WEST MIDLANDS | £311,723 | £5,586 |
| Bromsgrove | WEST MIDLANDS | £295,330 | £4,767 |
| Solihull | WEST MIDLANDS | £290,946 | £4,547 |
| Wychavon | WEST MIDLANDS | £281,220 | £4,061 |
| Malvern Hills | WEST MIDLANDS | £271,486 | £3,574 |
| Lichfield | WEST MIDLANDS | £256,029 | £2,801 |
| Herefordshire | WEST MIDLANDS | £239,611 | £2,292 |
| Rugby | WEST MIDLANDS | £232,626 | £2,153 |
| South Staffordshire | WEST MIDLANDS | £223,319 | £1,966 |
| Wyre Forest | WEST MIDLANDS | £221,556 | £1,931 |
| Shropshire | WEST MIDLANDS | £216,906 | £1,838 |
| Worcester | WEST MIDLANDS | £212,243 | £1,745 |
| Redditch | WEST MIDLANDS | £206,785 | £1,636 |
| Stafford | WEST MIDLANDS | £205,851 | £1,617 |
| North Warwickshire | WEST MIDLANDS | £194,818 | £1,396 |
| Tamworth | WEST MIDLANDS | £193,812 | £1,376 |
| Coventry | WEST MIDLANDS | £191,089 | £1,322 |
| Staffordshire Moorlands | WEST MIDLANDS | £190,664 | £1,313 |
| West Midlands | WEST MIDLANDS | £186,868 | £1,237 |
| Birmingham | WEST MIDLANDS | £185,499 | £1,210 |
| Nuneaton and Bedworth | WEST MIDLANDS | £181,011 | £1,120 |
| East Staffordshire | WEST MIDLANDS | £178,009 | £1,060 |
| Telford and Wrekin | WEST MIDLANDS | £176,621 | £1,032 |
| Dudley | WEST MIDLANDS | £173,039 | £961 |
| Cannock Chase | WEST MIDLANDS | £168,916 | £878 |
| Walsall | WEST MIDLANDS | £167,068 | £841 |
| Sandwell | WEST MIDLANDS | £164,427 | £789 |
| Wolverhampton | WEST MIDLANDS | £160,862 | £717 |
| Newcastle-under-Lyme | WEST MIDLANDS | £154,685 | £594 |
| Stoke-on-Trent | WEST MIDLANDS | £106,203 | £0 |
| Harrogate | YORKSHIRE AND THE HUMBER | £304,321 | £5,216 |
| York | YORKSHIRE AND THE HUMBER | £257,398 | £2,870 |
| Hambleton | YORKSHIRE AND THE HUMBER | £234,070 | £2,181 |
| Richmondshire | YORKSHIRE AND THE HUMBER | £233,658 | £2,173 |
| Ryedale | YORKSHIRE AND THE HUMBER | £228,907 | £2,078 |
| Craven | YORKSHIRE AND THE HUMBER | £207,074 | £1,641 |
| Selby | YORKSHIRE AND THE HUMBER | £196,671 | £1,433 |
| Leeds | YORKSHIRE AND THE HUMBER | £183,707 | £1,174 |
| East Riding of Yorkshire | YORKSHIRE AND THE HUMBER | £181,382 | £1,128 |
| Scarborough | YORKSHIRE AND THE HUMBER | £174,165 | £983 |
| Sheffield | YORKSHIRE AND THE HUMBER | £167,332 | £847 |
| West Yorkshire | YORKSHIRE AND THE HUMBER | £157,877 | £658 |
| Wakefield | YORKSHIRE AND THE HUMBER | £153,037 | £561 |
| Kirklees | YORKSHIRE AND THE HUMBER | £151,929 | £539 |
| Calderdale | YORKSHIRE AND THE HUMBER | £149,192 | £484 |
| North Lincolnshire | YORKSHIRE AND THE HUMBER | £143,682 | £374 |
| South Yorkshire | YORKSHIRE AND THE HUMBER | £142,630 | £353 |
| Rotherham | YORKSHIRE AND THE HUMBER | £133,759 | £175 |
| Bradford | YORKSHIRE AND THE HUMBER | £131,633 | £133 |
| Doncaster | YORKSHIRE AND THE HUMBER | £127,974 | £59 |
| North East Lincolnshire | YORKSHIRE AND THE HUMBER | £123,059 | £0 |
| Barnsley | YORKSHIRE AND THE HUMBER | £122,136 | £0 |
| City of Kingston upon Hull | YORKSHIRE AND THE HUMBER | £115,298 | £0 |
Areas Above £500,000
| Location | Average House Price | Previous Stamp Duty Owed | New Stamp Duty Owed | Saving with SDLT holiday |
|---|---|---|---|---|
| Kensington and Chelsea | £1,396,102 | £83,360 | £68,360 | £15,000 |
| City of Westminster | £1,085,013 | £52,251 | £37,251 | £15,000 |
| Camden | £881,096 | £34,055 | £19,055 | £15,000 |
| City of London | £792,583 | £29,629 | £14,629 | £15,000 |
| Hammersmith and Fulham | £747,174 | £27,359 | £12,359 | £15,000 |
| Hackney | £638,683 | £21,934 | £6,934 | £15,000 |
| Richmond upon Thames | £633,481 | £21,674 | £6,674 | £15,000 |
| Islington | £632,270 | £21,613 | £6,614 | £15,000 |
| Wandsworth | £624,858 | £21,243 | £6,243 | £15,000 |
| Elmbridge | £577,202 | £18,860 | £3,860 | £15,000 |
| Haringey | £565,343 | £18,267 | £3,267 | £15,000 |
| Barnet | £532,569 | £16,628 | £1,628 | £15,000 |
| Lambeth | £525,487 | £16,274 | £1,274 | £15,000 |
| Three Rivers | £512,054 | £15,603 | £603 | £15,000 |
| Merton | £509,252 | £15,463 | £463 | £15,000 |
| Kingston upon Thames | £506,000 | £15,300 | £300 | £15,000 |
This sudden & radical intervention will lead to a repricing across the whole housing market with different sub-markets & classes of purchaser & vendor being affected differently.
The housing stock remains exactly the same though, so more money in purchasers’ pockets chasing the same goods will have an inevitable inflationary effect, fuelled by a buyer frenzy anticipating the end of the “holiday”.
Prices will rise so existing owners/vendors will be the beneficiaries. Purchasers will end up paying the same price + tax amount, or more if the frenzy really breaks out.
Purchasers are not the winners as is being widely trailed. In fact, there will soon be a massive industry campaign to extend the scheme forever, permanently eroding the tax base &, if this is not done, there will be a market collapse when the scheme ends.
The losers will be taxpayers as a whole & the purchasers who “benefitted” from the scheme, paid higher prices & then saw their prices fall later!