Homebuyers have already paid £12.1bn in Stamp Duty within the first three quarters of this year, according to recent analysis by Coventry Building Society.
By analysing latest HMRC figures, the Society concluded that 2022 is set to be a record-breaking year for Stamp Duty Land Tax receipts, with figures up by £3.2bn compared to the same period last year.
In the Government’s recent calamitous ‘mini budget’ on 23rd September, new stamp duty thresholds were set by ex-Chancellor Kwasi Kwarteng.
As a result of these new thresholds, it will still cost homeowners £3,298 to move to a property priced at £315,965 – the average house price in England.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Stamp duty is one of the many costs worrying homebuyers.
“Whilst the recent changes to thresholds were a welcome addition, this should be the beginning of a wider, more holistic strategy.
“There’s still an opportunity to help downsizers, who may currently face a hefty tax bill for moving to a smaller home, and a huge opportunity to incentivise energy-efficient home improvements.
“More action needs to be taken to reduce the impact existing housing stock has on carbon emissions.
“This should be a priority for the new incoming Prime Minister.”
