First-time buyers in London could save £11,250 under new stamp duty rates

First-time buyer in London

Average London house price £543,500

£11,250

Saving

£5,000

4,000

£17,175

Previous stamp duty

3,000

2,000

£5,925

New stamp duty

1,000

0

Buyer of £1m property

House price £1m

£2,500

£5,000

£43,750

£41,250

4,000

3,000

2,000

1,000

0

Standard home mover

Average England house price £312,000

£2,500

£5,000

4,000

3,000

2,000

1,000

£5,600

£3,100

0

Buyer of £1m

property

House price

£1m

Standard home

mover

Average England house price £312,000

First-time buyer in London

Average London house price £543,500

£2,500

£2,500

£11,250

Saving

£5,000

£43,750

£41,250

4,000

3,000

£17,175

Previous stamp duty

2,000

£5,925

New stamp duty

1,000

£5,600

£3,100

0

Guardian graphic. Source: HM Treasury, Guardian reporting. Note: Land Registry data July 2022. First-time buyer in London would not have been eligible for First Time Buyers’ Relief under the old system. Saving on new rate, £2,500 due to nil-rate band up to £250k and £8,750 due to First Time Buyers’ Relief changes