Stamp Duty bill 356 times higher in London than East Midlands

By: ameer@trustedteam.com

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.”

The regional breakdown is as follows:

Area Average house price Stamp Duty on an
average 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

Further analysis shows how Stamp Duty bills will increase on average priced home in each region when the new thresholds commence.

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

Related post