Homebuyers paid £14.1bn in stamp responsibility over the previous 12 months, up 20% from £11.8bn within the earlier 12 months.
Enterprise advisors and chartered accountants Lubbock Nice warned that the tax leaves working folks ‘caught’ of their present properties – unable to relocate to a greater job due to the price of stamp responsibility.
Tax charges rose from April 1 2025, with the edge halving from £250,000 to £125,000, drawing extra householders into the tax internet.
Andrew Noton, companion at Lubbock Nice, stated: “The Chancellor slashed the stamp responsibility allowance within the newest Funds – this has dragged many extra homebuyers within the stamp responsibility internet.
“Only a few properties – particularly in London and the South East – are value lower than the brand new allowance. Many extra homebuyers can be paying a hefty stamp responsibility sum on prime of the worth of their new property.
“Including such a big additional price to a home buy will deter folks from shifting. This can be a tax on labour mobility which makes it tougher to relocate nearer to new profession alternatives.”
Noton explains that home shifting helps drive financial exercise in native areas by creating work for native tradespeople {and professional} companies.
