Areas that would benefit the most from a stamp duty holiday

Ahead of the potential announcement on a stamp duty holiday on 8th July, Rightmove has analysed the potential stamp duty savings for areas around England where people would most benefit if the stamp duty threshold was raised to £500,000. The savings are for people who are not first-time buyers and are places where the current average asking price is between £450,000 and £500,000.

Rightmove’s Property Expert Miles Shipside said: “Buyers in higher priced areas with bigger deposits would benefit most if the stamp duty threshold was raised to £500,000. If it is included in the summer update it needs to be made clear what it would mean for people home hunting or currently going through the conveyancing process right now, as an announcement now that doesn’t come into play until the autumn will only lead to people delaying their plans. There’s currently record housing demand but the market also needs the ability for lenders to extend the availability of low deposit mortgages, vital to healthy first-time buyer volumes that help drive the rest of the market. A stamp duty holiday without better mortgage availability isn’t really helpful for hard pressed potential first-time buyers who are already mainly exempt from it anyway.”

The areas included have at least 200 listings currently on Rightmove.