Despite the changes to Stamp Duty Land Tax (SDLT) thresholds implemented last September designed to save homebuyers money, the nation paid an estimated £884.3m in the following six months, according to research by Quickmove Properties.
This figure climbed to £2.9bn in SDLT paid over the past year.
Following the stamp duty holiday, the Government announced that from 23rd September last year, homes valued up to £250,000 would remain exempt.
Homes valued between £250,001 and £950,000 were then set to pay a rate of 5%, up to 10% for those valued between £925,001 to £1.5m, and 15% for £1.5m or more.
This means the average homebuyer is paying £2,678 in SDLT on the current average house price of £303,557.
Those purchasing the average flat (£249,976) and terraced house (£247,907) are stamp duty exempt, while those purchasing a semi-detached home (£298,575) are paying £1,979, climbing to £11,403 for the average detached property purchase (£478,030).
The stamp duty bill owed by the average homebuyer across England fell by £2,252 compared with the same time last year; however, it remained £309 higher compared with five years ago, and £872 up compared to a decade ago.
In the period from April 2022 to March 2023, some 679,293 homes sold across England, paying an estimated £2.9bn in stamp duty in the process.
Since October of last year, homebuyers contributed £884.2m in stamp duty tax.
Mark O’Dwyer, sales director at Quickmove Properties, said: “Stamp duty is little more than an additional financial hurdle that many homebuyers face and one that arguably should have been done away with many moons ago.
“Even with the Government’s tinkering, the average buyer is still looking at a bill of almost £3,000 in the current market and this only increases as you climb the ladder and buy a bigger, more valuable home.
“It’s certainly one further aspect where the park home sector has the bricks and mortar market beaten, with park homes requiring no stamp duty paid on them whatsoever.
“This is often a big plus in the eyes of park home buyers, who don’t see why they should have to pay out a considerable sum of the equity they have made on a land tax first introduced to fight a war against France.”
