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Buyers saved an average £5K during Stamp Duty holiday

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30/06/2021
Buyers have saved money on the tax, although sellers have been the biggest winners
Buyers saved an average £5K during Stamp Duty holiday

Homebuyers have saved an average of £5,034 during the stamp duty holiday, said Moneysupermarket.

The tax break is ending today with the nil rate band reducing from £500,000 to £250,000 from 1st July, before it reverts to it’s usual level of £125,000 from October.

Top savers

The price comparison site looked at where buyers have saved the most as a result of the measure, and Liverpool came top, with buyers in the city saving £8,167.

Londoners saved the next most (£7,410) followed by buyers in Edinburgh (£7,100).

The smallest savings were seen in Belfast (£2,215), followed by Leicester (£2,400) and Bristol (£2,424).

Good for sellers

Moneysupermarket’s research revealed that sellers benefitted from the buyer demand stimulated by the rate cut, netting an average profit from home sales of £80,312 over the past year.

Sellers in London gained the most (£103,143) followed by those in Norwich (£92,813) and Sheffield (£84,584).

Sellers in Belfast (£26,944) made the least, followed by those in Glasgow (£46,346) and Chelmsford (£61,667).

Jo Thornhill, mortgages expert at Moneysupermarket, said: “The stamp duty holiday has been hugely popular with buyers and it’s clear from our research why that’s the case: average savings of £5k can make a huge difference when you’re buying a property, giving you the flexibility to spend that money on other cost items like solicitors fees, general moving bills or even new furnishings.

“If you’re still hoping to move, don’t worry if you miss the June deadline. A reduced version of the scheme will still be running through to September which means substantial savings can still be made.”

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