Revealed! The regions set to benefit from a Stamp Duty holiday

Estate agents are waiting with baited breath as the Chancellor Rishi Sunak is today expected to announce a Stamp Duty holiday.

There are rumours that the property tax could be scrapped on values up to £500,000 and start immediately.

Rightmove has crunched the numbers on which areas would benefit the most from the savings if the Stamp Duty threshold was raised to £500,000.

The savings are based on those who are not first-time buyers, as they already have an exemption up to £300,000, and are places where the current average asking price is between £450,000 and £500,000.

The portal’s research found most the regions set to benefit would be in the south east of England, making up 19 of the 28 areas in the £450,000 to £500,000 price bracket.

The biggest savings would be in Dorking, Surrey where the average asking price is £498,422, which would create savings of £14,921 if there was no Stamp Duty to pay.

Buyers in Lymington, Hampshire, would save £14,916 on the average asking price of £498,326.

Only two areas from the north west, Bramhall and Wilmslow appear in the list, where buyers could save more than £13,000 on Stamp Duty.

These figures of course assume that the properties sell at asking price.

Miles Shipside, housing market analyst for Rightmove, said: “Buyers in higher priced areas with bigger deposits would benefit most if the Stamp Duty threshold was raised to £500,000.

“If it is included in the summer update it needs to be made clear what it would mean for people home hunting or currently going through the conveyancing process right now, as an announcement now that doesn’t come into play until the Autumn will only lead to people delaying their plans.

“There’s currently record housing demand but the market also needs the ability for lenders to extend the availability of low deposit mortgages, vital to healthy first-time buyer volumes that help drive the rest of the market.

“A Stamp Duty holiday without better mortgage availability isn’t really helpful for hard pressed potential first-time buyers who are already mainly exempt from it anyway.”

Area

Region

Average asking price

Potential Stamp Duty saving

Dorking, Surrey

South East

£498,422

£14,921

Lymington, Hampshire

South East

£498,326

£14,916

Sunbury-On-Thames, Surrey

South East

£498,088

£14,904

Barton On Sea, New Milton, Hampshire

South East

£497,853

£14,893

Lewes, East Sussex

South East

£491,304

£14,565

Broxbourne, Hertfordshire

East of England

£486,701

£14,335

Hove, East Sussex

South East

£481,455

£14,073

Oxford, Oxfordshire

South East

£479,099

£13,955

Leckhampton, Cheltenham, Gloucestershire

South West

£477,518

£13,876

Hertford, Hertfordshire

East of England

£477,431

£13,872

Borehamwood, Hertfordshire

East of England

£476,791

£13,840

Camberley, Surrey

South East

£474,384

£13,719

Egham, Surrey

South East

£473,213

£13,661

Bramhall, Stockport, Cheshire

North West

£472,053

£13,603

Fleet, Hampshire

South East

£471,653

£13,583

Wallingford, Oxfordshire

South East

£469,082

£13,454

Caterham, Surrey

South East

£467,885

£13,394

Wilmslow, Cheshire

North West

£467,443

£13,372

Tunbridge Wells, Kent

South East

£467,145

£13,357

Bath, Somerset

South West

£464,617

£13,231

Cambridge, Cambridgeshire

East of England

£464,007

£13,200

Chesham, Buckinghamshire

South East

£462,210

£13,110

Caversham, Reading, Berkshire

South East

£460,747

£13,037

Burnham, Slough, Berkshire

South East

£459,634

£12,982

Tonbridge, Kent

South East

£456,293

£12,815

Hitchin, Hertfordshire

East of England

£453,389

£12,669

Staines, Surrey

South East

£452,219

£12,611

West Malling, Kent

South East

£450,553

£12,528

Area

Borough

Average asking price

Potential Stamp Duty saving

Orpington

Bromley

£497,852

£14,893

Burnt Oak

Barnet

£497,839

£14,892

Chingford

Waltham Forest

£493,462

£14,673

Sydenham

Lewisham

£492,960

£14,648

Walthamstow

Waltham Forest

£492,755

£14,638

Wembley

Brent

£482,929

£14,146

Harrow

Harrow

£482,691

£14,135

Biggin Hill

Bromley

£478,702

£13,935

Blackfen

Bexley

£470,013

£13,501

Greenford

Ealing

£465,798

£13,290

Deptford

Lewisham

£465,670

£13,283

Forest Gate

Newham

£464,455

£13,223

Norwood

Croydon

£462,172

£13,109

Hounslow

Hounslow

£460,371

£13,019

Hornchurch

Havering

£459,108

£12,955

Sutton

Sutton

£457,251

£12,863

Tottenham

Haringey

£457,091

£12,855

Kingsbury

Barnet

£456,129

£12,806

Heston

Hounslow

£452,837

£12,642

Barkingside

Redbridge

£447,356

£12,368

 

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3 Comments

  1. mattfaizey

    To work out the area’s most likely to benefit would you not be better looking at average salaries among ‘second and third steppers’ allied to job security in the region? Plus debt levels among the relevant demographics. House prices won’t tell you anything about means or desire to move.
    If people don’t move, or move in low numbers then thee benefit is low despite any relevance in house price.
    In an area 15% above that which should benefit a cut could increase mobility by a factor that could increase the benefit massively.
     

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  2. MarkJ

    It doesnt affect us directly in Wales but it will be interesting to see what happens….
    1/ It better be immediate in England (or as near as) …
    2/ Whether we’ll get funding in Wales to do the same…
    3/ Since weve got some recent friction between Westminster and Cardiff who knows?
     
    God help the Chancellors in future years who are going to have to claw back all this money from us……
    I think Rishi Sunaks done a good job so far ….but giving it away is the easy part….

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    1. padymagic

      If they cant get it from VAT or stamp duty then expect personal allowance to stay unchanged for a while and an increase in National Insurance, car tax, alcohol, tobacco, imports (presumably including EU), petrol, Lower local government support, cuts in defence and although they will “ring fence” the NHS, in reality they will freeze it’s income. Corporation tax will either fall or stay the same, capital gains tax will increase, inheritance tax will also increase, council tax will go up, interest rates will stay low (subject to global & US interest rates).

      Where ever they can squeeze they will, Interest Rates obviously aren’t a tax but everything is hand in hand.

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