The property hotspots where the stamp duty holiday could create the biggest savings

Linda J. Dodson

Meanwhile buyers in London’s Hillingdon and Waltham Forest boroughs will make tax savings of £10,067 and £10,727 against respective house prices of £405,650 and £432,470.

There are 80 English local authorities where tax savings are equivalent to more than 2pc of local house prices. All of them are in London, and the south and east of England.

The savings from the tax holiday are bigger in monetary terms on more expensive properties. The largest average saving will be in the City of London, where buyers will save an average of £14,465, Hamptons found.

Meanwhile, the highest total savings are found in the cheaper regions in the Midlands and the North. Overall, stamp duty bills in the North East will drop by 91pc, Hamptons calculated.

The tax bill sweet spots

The ratio of tax bill to house prices mean that the biggest effects of the stamp duty holiday will be concentrated in particular sweet spot local markets – those on the fringes of the most expensive places to live in the country.

In the east London borough of Barking & Dagenham, where the average house price is £301,300, the average stamp duty bill will drop by 99pc. Here, that means a saving of £5,688, equivalent to 1.9pc of the house price. 

By contrast, in Blackpool in the North West, where the average price is only £106,410, stamp duty bills will also fall by 99pc, but the saving will only be £354 – or 0.3pc of the property price.

Source Article

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