In the first nine months of 2023, homebuyers in the UK faced an average Stamp Duty bill of £9,938, as reported by Coventry Building Society.
This figure represents a decrease from the previous year’s average of £11,207 but remains the second-highest average recorded.
Currently, homebuyers are liable for Stamp Duty on properties costing more than £250,000. However, this threshold is set to drop to £125,000 in March 2025, potentially increasing the tax bill on an average-priced home in England by £2,500.
With the Autumn Statement scheduled for 22 November, there is speculation about possible changes to Stamp Duty that could impact homebuyers.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’re all waiting with bated breath to see what the Chancellor does for homebuyers on the 22nd – it’s clear he needs to do something to stop the costs of buying a home rocketing even further.
“As it stands people are having to find, on average, over £4,000 more to clear the Stamp Duty bill on their home than they did ten years ago – that kind of increase just isn’t sustainable.
“A cut to Stamp Duty would be a welcome relief for many homebuyers but there’s a risk it could be yet another temporary fix that becomes out of sync with house prices in a few short years.
“The Treasury is well aware of the effect Stamp Duty can have on the property market but a considered review that addresses the issues for buyers and downsizers, rather than a temporary holiday or simplistic cut to rates, would have a greater and longer-lasting benefit to buyers and sellers.”
