The Stamp Duty bill for an average-priced home now stands at £3,417, over double what it was when the Stamp Duty thresholds were last changed, according to analysis of the latest Land Registry data by Coventry Building Society.
In December 2014, then-Chancellor George Osborne set the existing Stamp Duty thresholds, when the average home cost £203,346 and came with a typical Stamp Duty bill of £1,567.
Despite the Stamp Duty holiday, which was in place from July 2020 until the end of September this year, the latest data from HMRC shows that the Treasury received £10.2bn in Stamp Duty between January and October 2021, higher than the same period in both 2019 (£9.5bn) and 2020 (£6.6bn).
Jonathan Stinton (pictured), head of intermediary relationships at Coventry Building Society, said: “For Stamp Duty costs on average-priced homes to have doubled in just under seven years is astonishing.
“This puts an extra financial burden on home buyers, particularly ‘second-steppers’ who won’t benefit from the £300,000 Stamp Duty threshold that first-time buyers do and are already needing to find a significant extra pot of cash to take what’s now a pretty big leap up the property ladder.”