Open

Latest news

Explore insightful perspectives and expert advice on finance

Home |Latest news |Homebuyers paid £1.2 billion in stamp duty in July, data reveals

Latest news

Browse by category
Business News

Homebuyers paid £1.2 billion in stamp duty in July, data reveals

August 23 2024

Official data has revealed that homebuyers paid £1.2 billion in stamp duty in July 2024.

HMRC's data showed that the latest figure is up from June's total of £1 billion, meaning that, in 2024, homebuyers have paid a total of £6.6 billion in stamp duty so far.

Experts have called on Chancellor Rachel Reeves to use the upcoming Autumn Budget on 30 October to announce changes to stamp duty that will stop the tax on the average property rising 'overnight'.

Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, said: 'The Treasury is taking in huge sums of property taxes while homebuyers are racking up the debt. A stamp duty bill can be thousands of pounds, so if people don't have that amount lying around, they'll probably need to borrow more to cover the tax on their home.

'In seven months' time, the scale is set to tip even more in the Treasury's favour, with the nil-rate band set to halve to £125,000. The Chancellor should see the October Budget as an opportunity to level the scales and announce changes [that] will stop the tax on an average-priced property jumping up by £2,500 overnight. Short-term pain for the Chancellor could result in a longer-term gain for the broader economy.'

Here to help

Please complete the form below and our expert team will be in touch.

  • Contact details

    • *
    • *

  • What services are you interested in?

    • *

  • Message

    • *

  • Which location would you like to contact?

  • Communication

    • *Indicates a required fields.†At least one form of contact is required.

      By submitting this form, you agree that Attwoods can process your information in order to respond to your enquiry. For more information visit our Privacy Policy.

Bromsgrove
Bromsgrove

Attwoods is proudly based in the historic market town of Bromsgrove, Worcestershire

  • 182 Worcester Road
  • Bromsgrove
  • Worcestershire
  • B61 7AZ
Call us01527 874170
Learn more about BromsgroveGet in touch
Evesham
Evesham

Attwoods is proudly based in the picturesque town of Evesham, Worcestershire; nestled in the heart of the Vale of Evesham

  • 90-92 High Street
  • Evesham
  • Worcestershire
  • WR11 4EU
Call us01386 424388
Learn more about EveshamGet in touch
Pershore
Pershore

Attwoods is proudly based in the Georgian market town of Pershore, Worcestershire.

  • Perrott House
  • 17 Bridge Street
  • Pershore
  • Worcestershire
  • WR10 1AJ
Call us01386 554870
Learn more about PershoreGet in touch
  • Xero Logo
  • Gold Partner Logo
  • Sage
  • QuickBooks Platinum

The practices of Attwoods are carried on by Attwoods Accountants Limited, Attwoods Business Services Limited, Attwoods (Bromsgrove) Limited. Regulated for a range of investment business activities by the Association of Chartered Certified Accountants.