Almost three quarters of homes on the market would be exempt from Stamp Duty for home-movers if the Chancellor introduced a similar tax break to the pandemic, Rightmove data shows.
Figures from the property portal show that if the Chancellor removed the property tax on the first £500,000 of a purchase in his Autumn Statement, 72% of properties in England would be exempt from Stamp Duty.
The average stamp duty that a home-mover - not a first-time buyer - pays is currently £5,607, based on the average asking price of £362,143, Rightmove said.
Its analysis found 29% of homes on the market are currently exempt from Stamp Duty for all home-movers, excluding second homes, while 62% are currently exempt for first-time buyers.
Most properties on the market are in the £250,001 to £925,000 Stamp Duty bracket at 62.4% while the fewest are in the above £1.5m and £925,000 to £1.5m band at 3.2% and 5.1% respectively. This illustrates why some commentators are calling for a Stamp Duty cut for downsizers, which would free up higher priced stock.
Tim Bannister, Rightmove’s property expert, said: “Stamp Duty was changed as recently as a year ago, albeit only temporarily until March 2025, so further changes so soon would seem unlikely. Further cuts or a permanent change to the thresholds would be welcomed by many, particularly by affordability-stretched first-time buyers.
“However, further Stamp Duty cuts are unlikely to lead to a rush of activity, as buyers would need to weigh up any benefit in savings against higher mortgage rates and their monthly mortgage payments.”