Almost 500,000 homebuyers across England are set to have saved over £3bn in Stamp Duty Land Tax (SDLT) as a result of the stamp duty holiday, new analysis from GetAgent has revealed.

The tax break, first introduced on 8 July 2020 by Chancellor Rishi Sunak, is set to end today.

GetAgent analysed every property purchase to have completed across England since the introduction and how much was saved in SDLT, as well as the number of transactions to have paid no stamp duty at all.

The research shows that during the initial extended phase of the stamp duty holiday between 8 July 2020 and 30 June 2021, 482,292 homes were sold across England, with no stamp duty payable up to £500,000.

As a result, 402,381 of these transactions (83%) paid no stamp duty at all on their purchase and in total, homebuyers saved £2.85bn in SDLT.

During the second phase of the stamp duty holiday extension, the price threshold at which no stamp duty was payable was tapered down to £250,000. Of the 123,941 estimated transactions to have completed during this time, 45% of homebuyers (55,381) still paid no stamp duty on their purchase, with a total of £224.8m thought to have been saved across the market as a whole.

In total, GetAgent’s figures indicate that 76% of homebuyers, or 457,762, have paid no stamp duty as a result of the holiday. This takes the total saving to £3.08bn.

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