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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.

Mortgages for Business – MPU

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
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    1 Comment

    1. 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!

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