Homebuyers purchasing properties at £293,000 could find their Stamp Duty bill more than double from £2,150 to £4,650

Propertymark: Homebuyers purchasing properties at £293,000 could find their Stamp Duty bill more than double from £2,150 to £4,650.

Propertymark has highlighted that the UK Government’s Autumn Budget introduced by Chancellor Rachel Reeves, could have sizable implications for many first-time buyers and homeowners looking to move from 1 April next year.

Based on the average UK house price of £293,000, those looking to move house could find their Stamp Duty bill more than double from £2,150 to £4,650.

The Stamp Duty threshold for first-time buyers has also been reduced from £425,0000 to £300,000, which will give thousands of first-time buyers an additional tax liability, which has the potential to affect affordably across some regions.

First-time buyers in London hoping to purchase an average priced house at £531,212 are set to be worst affected, having to find an additional £11,250 when the changes take effect.

Based on average house prices per region, those looking to move house will see a typical increase of around £2,500 across many areas.

First-Time Buyers:

Country and region	Average House Price	Current Stamp Duty	Stamp Duty from 1 April 2025	Difference
England	£309,572	£0.00	£478.00	£478.00
Northern Ireland	£185,025	£0.00	£0.00	£0.00
East Midlands	£250,229	£0.00	£0.00	£0.00
East of England	£344,190	£0.00	£2,209.00	£2,209.00
London	£531,212	£5,310.00	£16,560.00	£11,250.00
North East	£166,032	£0.00	£0.00	£0.00
North West	£225,248	£0.00	£0.00	£0.00
South East	£384,804	£0.00	£4,240.00	£4,240.00
South West	£320,774	£0.00	£1,038.00	£1,038.00
West Midlands	£255,102	£0.00	£0.00	£0.00
Yorkshire and The Humber	£219,433	£0.00	£0.00	£0.00

Those looking to move house:

Country and region	Average House Price	Current Stamp Duty	Stamp Duty from 1 April 2025	Difference
England	£309,572	£2,978	£5,478	£2,500.00
Northern Ireland	£185,025	£0.00	£1,200.00	£1,200.00
East Midlands	£250,229	£11.00	£2,511.00	£2,500.00
East of England	£344,190	£4,709.00	£7,209.00	£2,500.00
London	£531,212	£14,060.00	£16,560.00	£2,500.00
North East	£166,032	£0.00	£820.00	£820.00
North West	£225,248	£0.00	£2,004	£2,004.00
South East	£384,804	£6,740.00	£9,240.00	£2,500.00
South West	£320,774	£3,538.00	£6,038.00	£2,500.00
West Midlands	£255,102	£255	£2,755.00	£2,500.00
Yorkshire and The Humber	£219,433	£0.00	£1,888.00	£1,888.00

New Stamp Duty Thresholds from 1 April next year:

Price of property	Stamp duty (from 1 April 2025)
Up to £125,000	Zero
£125,001 to £250,000	2%
£250,001 to £925,000	5%
£925,001 to £1.5 million	10%
Anything above £1.5 million	12%

First-time buyers will be exempt up to an initial threshold of £300,000 (if the price of the property they are purchasing is below £500,000).

Nathan Emerson, CEO at Propertymark, comments:

“The Autumn Budget will likely uplift the housing market over the coming months, as people potentially look to complete before any increases on Stamp Duty come into effect next April.

“It is however important to consider continued house price growth, even in the short to medium term, as overall pricing gains should outweigh any proposed stamp duty increases for the very highest percentage of buyers.”

Kindly shared by Propertymark