Average homebuyer in England £37k worse off from stamp duty holiday

The average homebuyer in England is now £37,156 worse off as a result of the stamp duty holiday, according to new analysis carried out by GetAgent.

This is based on the average house price climbing by 14.8% across the nation since the initiative launched in July last year.

The estate agent comparison site analysed house price growth across the nation, based on the latest House Price Index published by the Office for National Statistics, prior to the initial introduction of the stamp duty holiday last year and up until September of this year. It highlighted how huge levels of buyer demand, spurred by the stamp duty holiday, have impacted property prices, as well as where homebuyers have seen the biggest increase when it comes to climbing the ladder. 

GetAgent confirmed this increase has been far more pronounced in some regions compared to others, such as in the North West where house prices have climbed 20.7% as a result of the stamp duty holiday. In the North East, the average house price is up 17.8%, while the East Midlands has seen a jump of 16.5%.

London is the only region to have not seen double digit house price growth during the stamp duty holiday, with prices in the capital climbing by just 5.7% between June 2020 and September of this year. 

The South East is the region to have seen the largest monetary increase, with the average house price now £48,862 higher thanks to the stamp duty holiday. 

“Reviewing the results of yet another demand focused government initiative is the property market equivalent of Groundhog Day,” commented GetAgent founder and CEO, Colby Short.

“Their failure to address supply while dangling a cost-saving carrot in front of homebuyers inevitably, and quite ironically, does a lot more harm than good when it comes to the hot topic of property affordability. 

“Many will be wondering whether it was really worth it. The industry is still struggling to clear the huge backlog of transactions which has caused lengthy delays to transaction times. To run salt in the wound, those now entering the market are facing a considerably tougher task as a result of the astronomic levels of house price growth seen since summer of last year.

“Of course, for those already on the ladder this high rate of house price growth will be warmly welcomed and current market conditions are ideal for those thinking about selling their home.”

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