Stamp Duty on an average priced property in London is 356 times higher than an average priced property in East Midlands, according to analysis from Coventry Building Society.
The mortgage provider said while the average Stamp Duty bill in London is much higher than East Midlands, the average property price is only 2.11 times higher – making the tax bill disproportionally higher than the home.
It added that its analysis highlighted the regional discrepancies of the tax.
In 2014 the Stamp Duty on an average priced property in London was 17.6 times higher than an average priced property in East Midlands – indicating that the tax disparity between London and East Midlands has rocketed under the new thresholds.
Those buying an average priced property in North East, North West, Yorkshire & The Humber won’t need to pay any Stamp Duty before March 2025 – when the current Stamp Duty thresholds are in place until.
Homebuyers currently pay Stamp Duty if their home costs most than £250,000. In March 2025 this will drop to £125,000.
Coventry Building Society head of intermediary relationships Jonathan Stinton said: “The rumours have started swirling that Stamp Duty changes are on the horizon, with announcements speculated to be made during the Autumn Statement. The numbers show these changes can’t come quickly enough – at the minute some people are paying up to 356 times more tax on something which is only twice as valuable, that’s clearly flawed.
“A lot more work needs to be done to make sure buyers in the capital aren’t being hit with a bill which is disproportionately high. Homebuyers across the country aren’t being treated equally, and that needs to be addressed.”
Further analysis shows how Stamp Duty bills will increase on average priced home in each region when the new thresholds commence.
The regional breakdown is as follows:
Area Average house price Stamp Duty on anaverage priced home North East £165,366 – North West £215,791 – Yorkshire & The Humber £213,264 – East Midlands £250,818 £40 West Midlands £253,519 £175 East of England £350,728 £5,036 London £535,597 £14,279 South East £393,417 £7,170 South West £328,413 £3,920 England £309,616 £2,980 Area Stamp Duty on average priced home now Stamp Duty on average priced home in March 2025 North East – £807 North West – £1,815 Yorshire & The Humber – £1,765 East Midlands £40 £2,540 West Midlands £175 £2,675 East of England £5,036 £7,536 London £14,279 £16,749 South East £7,170 £9,670 South West £3,920 £6,420 England £2,980 £5,480 Original Article
