Homebuyers in London are currently shouldering a Stamp Duty bill that is 356 times higher than those purchasing a property in the East Midlands, according to a new analysis by Coventry Building Society.
This stark regional disparity in Stamp Duty Land Tax (SDLT) emphasises the uneven impact of the tax across different areas of the country.
Despite the average property price in London being only 2.11 times higher than in the East Midlands, London buyers face a much steeper SDLT. In comparative terms, the tax disparity between these regions has surged since 2014, when the SDLT on an average London property was 17.6 times higher than in the East Midlands.
Moreover, the analysis foresees a nationwide increase in SDLT when new thresholds are introduced in March 2025. This could further exacerbate regional inequalities, with areas such as the North East seeing their average SDLT bill rise from zero to £807.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The rumours have started swirling that Stamp Duty changes are on the horizon, with announcements speculated to be made during the Autumn Statement.
“The numbers show these changes can’t come quickly enough – at the minute some people are paying up to 356 times more tax on something which is only twice as valuable, that’s clearly flawed.”
Stinton called for a recalibration of the SDLT to ensure a fairer distribution across different regions and properties, arguing that: “Homebuyers across the country aren’t being treated equally, and that needs to be addressed.”
