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.”
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That is all we need some extra hyper inflation of sale prices, with interest rates staying sticky and high, no tax break is going to help those raising mortgages at 5% plus afford the 'jump' to their next home. think Rishi Rich PM as Chancellor has done enough damage. I thin National Insurance will be his aim, a universal panacea.
This is a tax that Estate Agents think others pay. Just remember when you move house again, that you will have to find this ludicrous tax on top of your house purchase price on top of your taxed income. People have short memories, this tax was 1% for decades. By keeping the housing market moving we will avoid the recession and misery that is coming.
The object of any party is to have affordable housing,Everyone is used to paying stamp duty at present level.
Taking it off provides a short boost in volume,and increases prices,but then there is a disaster when introduced again,just as happened 30 years ago,twice.Schemes like Help to Buy,and selling off Council Houses,have drawbacks,by interfering with supply and demand.
The answer is to reduce planning criteria,which increases costs,and supply.
Look at other countries,people live in their caravan holiday homes,year round.
Tenants are as free as owners to have as many as they can in a house.again increasing supply
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