Average Stamp Duty bill nearly £10,000

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Coventry Building Society has established that homebuyers paid an average Stamp Duty bill of £9,938 during the first nine months of 2023.

This is a reduction from last year, when the average Stamp Duty bill for residential homebuyers was £11,207, but it is still the second highest average on record.

Homebuyers currently pay Stamp Duty if their home costs most than £250,000. In March 2025 this will drop to £125,000, meaning the tax bill on an average priced home in England will increase by £2,500.

Jonathan Stinton, head of mortgage relations 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.”

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