According to research by Coventry Building Society, this is a reduction from last year when the average stamp duty bill was £11,207. However, it is the second highest average on record.
Homebuyers currently pay stamp duty if their home costs over £250,000 and in March 2025 this will fall to £125,000. This means the average tax bill will increase by around £2,500 for the average priced home.
There are speculations that stamp duty cuts could be part of Autumn Statement measures but these are yet to be confirmed.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’re all waiting with bated breath to see what the Chancellor does for homebuyers on the 22nd – it’s clear he needs to do something to stop the costs of buying a home rocketing even further.
“As it stands people are having to find, on average, over £4,000 more to clear the Stamp Duty bill on their home than they did ten years ago – that kind of increase just isn’t sustainable. A cut to Stamp Duty would be a welcome relief for many homebuyers but there’s a risk it could be yet another temporary fix that becomes out of sync with house prices in a few short years.”
He added: “The Treasury is well aware of the effect Stamp Duty can have on the property market but a considered review that addresses the issues for buyers and downsizers, rather than a temporary holiday or simplistic cut to rates, would have a greater and longer-lasting benefit to buyers and sellers.”
