hamburger close
Free online valuation Free online valuation
Home Press releasesProperty marketHomebuyers hit with £3.656bn stamp duty bill in the last year alone

Homebuyers hit with £3.656bn stamp duty bill in the last year alone

The latest research by London lettings and estate agent, Benham and Reeves, has revealed that, as another financial year comes to a close, it’s Londoners who have paid by far the highest level of Stamp Duty Land Tax over the last year compared to homeowners across the rest of the nation.

Benham and Reeves analysed sold price data from the Land Registry for homes sold over the last 12 months*, calculating the total stamp duty owed on these transactions and how this cost differs across each area of the nation.

The research shows that an estimated £3.657bn has been paid in stamp duty across England over the last 12 months and the vast majority of this total has been footed by London homebuyers.

In fact, an estimated £1.490bn was paid across the London market alone, accounting for 40.7% of the national total.

When it comes to the areas of the property market to have paid the highest stamp duty bill, 17 of the top 20 are located within the capital.

Kensington and Chelsea sits top where an estimated £207m was paid in stamp duty over the last year – that’s 5.6% of the entire national total.

Westminster also accounted for 5% of the national stamp duty bill, with an estimated £183.8m paid over the last 12 months alone.

Wandsworth completes the top three with a stamp duty bill of £108.7m.

Buckinghamshire was home to the highest stamp duty bill outside of the capital at just over £76m, with Bournemouth, Christchurch and Poole (£38m) and Cornwall (£32.7m) the only other areas outside of London to make the top 20.

Director of Benham and Reeves, Marc von Grundherr, commented:

“Stamp duty is an outdated tax grab that acts as nothing more than a thorn in the side of the nation’s homebuyers and one that has remained there due to the greed of a stubborn government intent on taxing our ascent up the property ladder.

Now more than ever, the calls to abolish stamp duty must be heard. In the last year we’ve seen a considerable reduction in buyer market activity as they’ve struggled to overcome the obstacle of higher mortgage rates and it simply isn’t right that they have to also contend with the ever increasing cost of stamp duty to boot.

Removing this additional cost would go some way in rejuvenating market activity and helping to drive buyers back into the fold.”

Table shows highest stamp duty bill by region over the last 12 months
Location Est SDLT total value Est proportion % (of England total)
London £1,490,110,389 40.7%
South East £885,006,411 24.2%
East of England £389,774,092 10.7%
South West £358,830,214 9.8%
North West £149,217,366 4.1%
West Midlands £138,430,217 3.8%
East Midlands £109,004,562 3.0%
Yorkshire and the Humber £106,663,136 2.9%
North East £29,818,992 0.8%
England £3,656,855,379 100.0%

Table shows highest stamp duty bill by local authority over the last 12 months
Location Est SDLT total value Est proportion % (of England total)
Kensington and Chelsea £206,920,576 5.7%
City of Westminster £183,824,193 5.0%
Wandsworth £108,692,926 3.0%
Camden £85,760,128 2.3%
Richmond upon Thames £82,082,190 2.2%
Buckinghamshire £76,032,269 2.1%
Hammersmith and Fulham £68,534,065 1.9%
Barnet £59,334,227 1.6%
Elmbridge £57,359,984 1.6%
Islington £48,281,868 1.3%
Lambeth £48,054,607 1.3%
Bromley £46,072,728 1.3%
Southwark £41,566,058 1.1%
Merton £41,434,936 1.1%
Ealing £40,625,392 1.1%
Haringey £40,165,950 1.1%
Bournemouth, Christchurch and Poole £38,016,175 1.0%
Hackney £33,030,168 0.9%
Kingston upon Thames £32,781,432 0.9%
Cornwall £32,700,488 0.9%
Waverley £32,222,846 0.9%
St Albans £32,092,512 0.9%
Dorset £31,849,407 0.9%
Brighton and Hove £31,735,507 0.9%
Wiltshire £30,977,836 0.8%
North Yorkshire £30,788,552 0.8%
Windsor and Maidenhead £29,519,792 0.8%
City of Bristol £28,778,972 0.8%
Cheshire East £28,031,948 0.8%
Brent £27,637,171 0.8%
Somerset £27,344,631 0.7%
Lewisham £25,897,065 0.7%
Hounslow £25,641,642 0.7%
Guildford £25,228,862 0.7%
South Oxfordshire £23,979,251 0.7%
Croydon £23,224,480 0.6%
Reigate and Banstead £22,436,803 0.6%
Tower Hamlets £22,409,415 0.6%
Wokingham £22,325,959 0.6%
Bath and North East Somerset £22,086,754 0.6%
Waltham Forest £21,982,322 0.6%
Hillingdon £21,703,184 0.6%
Chichester £21,429,939 0.6%
Greenwich £21,140,342 0.6%
Harrow £20,793,820 0.6%
Redbridge £20,540,071 0.6%
New Forest £20,507,924 0.6%
Enfield £20,198,347 0.6%
Havering £19,439,429 0.5%
Sevenoaks £19,277,405 0.5%
Sutton £19,042,635 0.5%
Mid Sussex £18,954,651 0.5%
Oxford £18,940,611 0.5%
Leeds £18,680,777 0.5%
Trafford £18,198,193 0.5%
Wealden £17,841,474 0.5%
Tunbridge Wells £17,819,746 0.5%
Winchester £17,585,503 0.5%
Dacorum £17,460,321 0.5%
Cotswold £17,089,154 0.5%
Mole Valley £16,760,140 0.5%
Cambridge £16,280,042 0.4%
Epping Forest £16,085,484 0.4%
Woking £16,057,126 0.4%
Horsham £16,018,405 0.4%
West Northamptonshire £15,918,156 0.4%
Central Bedfordshire £15,771,624 0.4%
Three Rivers £15,746,561 0.4%
Hertsmere £15,739,675 0.4%
Birmingham £15,683,831 0.4%
East Hertfordshire £15,593,507 0.4%
South Cambridgeshire £15,434,278 0.4%
North Somerset £14,467,145 0.4%
Bexley £14,257,323 0.4%
Vale of White Horse £14,235,743 0.4%
West Berkshire £14,207,545 0.4%
East Hampshire £14,191,288 0.4%
Brentwood £14,184,552 0.4%
East Devon £13,787,858 0.4%
Arun £13,499,307 0.4%
Tandridge £13,457,244 0.4%
Solihull £13,399,413 0.4%
East Suffolk £13,352,085 0.4%
South Hams £12,793,952 0.3%
Hart £12,752,557 0.3%
Chelmsford £12,679,392 0.3%
Runnymede £12,638,232 0.3%
Stratford-on-Avon £12,511,942 0.3%
Cheshire West and Chester £12,509,901 0.3%
South Gloucestershire £12,483,412 0.3%
Milton Keynes £12,173,881 0.3%
Sheffield £11,892,347 0.3%
West Oxfordshire £11,821,311 0.3%
Stockport £11,781,259 0.3%
North Hertfordshire £11,681,735 0.3%
Test Valley £11,666,408 0.3%
Surrey Heath £11,556,773 0.3%
Shropshire £11,324,740 0.3%
Epsom and Ewell £11,279,099 0.3%
Tonbridge and Malling £11,266,950 0.3%
Warwick £10,909,552 0.3%
Basingstoke and Deane £10,852,598 0.3%
Cheltenham £10,422,321 0.3%
Bracknell Forest £10,363,060 0.3%
Southend-on-Sea £9,982,317 0.3%
Stroud £9,966,319 0.3%
York £9,902,590 0.3%
Lewes £9,808,899 0.3%
Welwyn Hatfield £9,609,187 0.3%
Reading £9,322,918 0.3%
Maidstone £9,278,593 0.3%
Uttlesford £9,255,066 0.3%
Rother £9,052,761 0.2%
Basildon £9,020,859 0.2%
Colchester £8,933,976 0.2%
Newham £8,912,488 0.2%
Westmorland and Furness £8,855,177 0.2%
Northumberland £8,853,325 0.2%
Canterbury £8,827,315 0.2%
Cherwell £8,789,471 0.2%
Spelthorne £8,468,591 0.2%
Herefordshire £8,290,044 0.2%
Ashford £8,128,921 0.2%
Wychavon £8,069,348 0.2%
Medway £8,064,650 0.2%
Braintree £8,038,146 0.2%
Bedford £7,958,520 0.2%
Teignbridge £7,794,671 0.2%
Rushcliffe £7,789,511 0.2%
Worthing £7,607,385 0.2%
East Riding of Yorkshire £7,579,454 0.2%
Manchester £7,552,571 0.2%
North Norfolk £7,521,294 0.2%
North Northamptonshire £7,252,172 0.2%
Bradford £7,232,166 0.2%
Isle of Wight £7,087,959 0.2%
Eastleigh £6,970,797 0.2%
West Suffolk £6,947,111 0.2%
Huntingdonshire £6,810,136 0.2%
Harborough £6,715,948 0.2%
Wirral £6,697,180 0.2%
Broxbourne £6,671,275 0.2%
Fareham £6,378,908 0.2%
South Norfolk £6,145,394 0.2%
Exeter £6,111,877 0.2%
Warrington £6,074,514 0.2%
North Devon £6,028,867 0.2%
City Of London £6,008,824 0.2%
Watford £5,885,227 0.2%
Charnwood £5,879,880 0.2%
Swindon £5,763,044 0.2%
Rochford £5,753,048 0.2%
Thanet £5,743,419 0.2%
Tewkesbury £5,652,059 0.2%
Newcastle upon Tyne £5,532,185 0.2%
Lichfield £5,502,895 0.2%
Thurrock £5,493,351 0.2%
Kirklees £5,471,529 0.1%
Dover £5,444,868 0.1%
Bromsgrove £5,440,546 0.1%
Havant £5,433,701 0.1%
Broadland £5,386,832 0.1%
Dartford £5,344,144 0.1%
King’S Lynn and West Norfolk £5,325,437 0.1%
Folkestone and Hythe £5,248,372 0.1%
Malvern Hills £5,108,122 0.1%
Mid Suffolk £5,037,671 0.1%
Torbay £4,946,549 0.1%
Tendring £4,932,530 0.1%
Babergh £4,916,949 0.1%
Sefton £4,840,085 0.1%
South Kesteven £4,777,360 0.1%
Breckland £4,581,717 0.1%
Adur £4,570,711 0.1%
Maldon £4,548,059 0.1%
Wakefield £4,514,056 0.1%
Castle Point £4,477,018 0.1%
Eastbourne £4,340,657 0.1%
Derbyshire Dales £4,336,794 0.1%
Swale £4,335,433 0.1%
Liverpool £4,279,895 0.1%
East Cambridgeshire £4,128,219 0.1%
Barking and Dagenham £4,120,386 0.1%
City of Plymouth £4,093,583 0.1%
Gravesham £4,063,829 0.1%
Rutland £4,045,710 0.1%
Slough £3,968,156 0.1%
North Tyneside £3,888,847 0.1%
Hastings £3,868,991 0.1%
Dudley £3,850,355 0.1%
Crawley £3,798,365 0.1%
Rushmoor £3,792,916 0.1%
Portsmouth £3,772,467 0.1%
Mid Devon £3,731,383 0.1%
Southampton £3,699,977 0.1%
Newark and Sherwood £3,664,603 0.1%
Rugby £3,570,732 0.1%
West Devon £3,569,444 0.1%
Stafford £3,498,246 0.1%
Norwich £3,450,314 0.1%
Cumberland £3,347,833 0.1%
Salford £3,336,826 0.1%
County Durham £3,303,117 0.1%
City of Peterborough £3,251,922 0.1%
South Staffordshire £3,223,086 0.1%
Luton £3,145,990 0.1%
Forest of Dean £3,116,060 0.1%
Hinckley and Bosworth £3,014,684 0.1%
Walsall £3,012,711 0.1%
Torridge £2,965,950 0.1%
Bury £2,957,937 0.1%
West Lancashire £2,945,129 0.1%
Coventry £2,917,310 0.1%
Bolton £2,914,575 0.1%
High Peak £2,884,923 0.1%
Harlow £2,879,688 0.1%
North West Leicestershire £2,839,519 0.1%
City of Nottingham £2,822,454 0.1%
Amber Valley £2,808,473 0.1%
Calderdale £2,711,756 0.1%
Stevenage £2,575,692 0.1%
City of Derby £2,527,728 0.1%
Fylde £2,502,061 0.1%
Wyre Forest £2,497,270 0.1%
East Lindsey £2,473,782 0.1%
Wrekin £2,434,494 0.1%
East Staffordshire £2,421,777 0.1%
Blaby £2,398,171 0.1%
Leicester £2,384,121 0.1%
Lancaster £2,337,573 0.1%
South Derbyshire £2,310,380 0.1%
Gedling £2,284,533 0.1%
Ipswich £2,227,385 0.1%
North Kesteven £2,198,805 0.1%
Gloucester £2,180,255 0.1%
Broxtowe £2,159,485 0.1%
Ribble Valley £2,112,483 0.1%
Worcester £2,109,244 0.1%
Chorley £2,040,240 0.1%
Doncaster £1,951,043 0.1%
Stockton-on-Tees £1,917,835 0.1%
North East Derbyshire £1,912,726 0.1%
Barnsley £1,897,666 0.1%
Wolverhampton £1,814,288 0.0%
Rotherham £1,810,007 0.0%
Gosport £1,797,045 0.0%
Wigan £1,741,546 0.0%
Melton £1,725,047 0.0%
Erewash £1,701,220 0.0%
Rochdale £1,700,942 0.0%
Redditch £1,694,016 0.0%
West Lindsey £1,672,472 0.0%
South Ribble £1,508,690 0.0%
North Warwickshire £1,487,824 0.0%
Bassetlaw £1,458,469 0.0%
Wyre £1,448,926 0.0%
Great Yarmouth £1,447,198 0.0%
Tameside £1,397,987 0.0%
South Holland £1,390,186 0.0%
Newcastle-under-Lyme £1,373,650 0.0%
North Lincolnshire £1,353,312 0.0%
Oldham £1,337,144 0.0%
Fenland £1,334,798 0.0%
Preston £1,321,820 0.0%
Staffordshire Moorlands £1,254,194 0.0%
Nuneaton and Bedworth £1,251,018 0.0%
Oadby and Wigston £1,247,779 0.0%
Gateshead £1,225,830 0.0%
Sandwell £1,159,233 0.0%
South Tyneside £1,131,180 0.0%
Chesterfield £1,113,368 0.0%
Sunderland £1,101,765 0.0%
Halton £1,025,806 0.0%
St Helens £1,003,671 0.0%
Cannock Chase £966,008 0.0%
Tamworth £943,805 0.0%
Darlington £904,134 0.0%
Ashfield £900,091 0.0%
Redcar and Cleveland £858,937 0.0%
Rossendale £739,400 0.0%
Stoke-on-Trent £710,522 0.0%
Blackburn with Darwen £694,984 0.0%
Lincoln £671,638 0.0%
Pendle £646,577 0.0%
Hartlepool £643,124 0.0%
Knowsley £628,389 0.0%
Boston £615,963 0.0%
North East Lincolnshire £610,282 0.0%
Mansfield £586,123 0.0%
Bolsover £522,293 0.0%
Middlesbrough £458,715 0.0%
Burnley £284,917 0.0%
City of Kingston upon Hull £267,598 0.0%
Blackpool £244,545 0.0%
Hyndburn £176,645 0.0%
Isles of Scilly £112,050 0.0%



Data sourced from the Land Registry Price Paid Data set, looking at the estimated stamp duty charge on homes to have completed over the last 12 months (March 23 to Feb 24 – latest available), excluding property sales listed by type as ‘other’ and primary property purchases only (PPD A).
Stamp Duty thresholds sourced from Gov UK

Share
avatar

About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 14 international offices.

by