10th December 2015
The calculation is based on the average house price in England and Wales (£273,531). Under the previous calculation buyers would have paid £8,205, but now the cost has fallen to £3,676 – a saving of £4,529.
Only buyers paying more than £938,000 on homes are worse off under the new stamp duty structure. The top end of the market seems to have been dampened down as a result, as sales above £925,000 have dropped by 10% in the first half of 2015 compared to the same period in 2014.
London has taken the brunt of stamp duty, as buyers in the capital have contributed 40% of all stamp duty revenues in 2014-15 compared with 13% of all property transactions.