Some 80 per cent of the property market will remain free of stamp duty for first-time buyers, even after the current holiday extension finally ends.
While all house purchases have no SDLT up to £500,000, this will remain in place for first-time buyers purchasing up to £300,000 beyond September, when the holiday phases out completely.
The average first-time buyer in England currently pays £221,743 to get a foot on the ladder, falling well within the £300,000 threshold.
This is despite significant house price inflation in recent months, considered by many to have been caused primarily by the rush to take advantage of the current SDLT tax break.
Some 79 per cent of all local authorities in England are home to an average first-time buyer house price that sits below (often well below) the stamp duty free threshold of £300,000.
Unsurprisingly London is an exception, where the average first-time buyer currently pays £433,631. However, they will still benefit from a reduced level of tax on purchases up to the £500,000 mark.
In terms of overall affordability, the North East ranks top with the average first-time buyer house price coming in at just £118,118, along with Yorkshire and the Humber (£152,827) and the North West (£155,088).
Again, the North offers some of the greatest overall affordability with first-time buyers in Burnley (£90,048), Hartlepool (£90,882) and County Durham (£97,388) paying the lowest price when buying their first home.
The research is by Ascend Properties; its managing director, Ged McPartlin, says: “An air of panic has hung over the market of late, as long delays during the transaction process have caused many buyers to worry that they might miss out on the stamp duty holiday incentive.
"This panic has been heightened with talks of a market cliff edge awaiting us once the clock does expire, despite the Government’s attempts to wean the market back to normality with a staggered deadline.
"The good news is, that this stamp duty ‘Fear Of Missing Out’ need not worry the vast majority of first-time buyers, as they will continue to pay no tax regardless. With the additional carrots of a refreshed Help to Buy scheme and the return of 95 per cent mortgage products, not to mention the fact interest rates remain incredibly low, there’s arguably never been a better time to get a foot on the ladder.”