The average homebuyer in England is £37,156 worse off following the stamp duty holiday, with the average house price climbing by 14.8% since the incentive launched in July of last year, according to GetAgent’s analysis of the government’s House Price Index.
This increase has been more pronounced in some regions compared to others. In the North West, house prices have climbed 20.7% as a result of the stamp duty holiday.
In the North East, house prices are up 17.8%, with the East Midlands seeing a jump of 16.5%.
London was found to be the only region not to see double-digit house price growth during the stamp duty holiday.
House prices in the capital climbed by just 5.7% between June 2020 and September of this year.
The South East is the region to have seen the largest monetary increase, with the average house price now £48,862 higher thanks to the stamp duty holiday.
On a local level, house prices in Melton increased by 34.5% due to the stamp duty holiday, with Hyndburn (30.8%), West Devon (26.9%), Hartlepool (26.6%) and Rossendale (25.8%) also seeing some of the largest percentage increases in property values.
While London may have seen the smallest percentage increase in house prices, the capital accounted for the top three areas to have seen the largest monetary increase during the stamp duty holiday.
In Hammersmith and Fulham, house prices have climbed by £120,213.
In Haringey, they increased by more than £100,000, up by £112,445, and in Kensington and Chelsea, they have risen by £84,567.
Outside of the capital, Tandridge saw the largest jump at £83,608.
Colby Short, founder and chief executive of GetAgent, said: “Reviewing the results of yet another demand focussed government initiative is the property market equivalent of Groundhog Day.
“Their failure to address supply while dangling a cost-saving carrot in front of homebuyers inevitably, and quite ironically, does a lot more harm than good when it comes to the hot topic of property affordability.
“Many will be wondering whether it was really worth it? The industry is still struggling to clear the huge backlog of transactions which has caused lengthy delays to transaction times.
“To rub salt in the wound, those now entering the market are facing a considerably tougher task as a result of the astronomic levels of house price growth seen since summer of last year.
“Of course, for those already on the ladder this high rate of house price growth will be warmly welcomed and current market conditions are ideal for those thinking about selling their home.”