FTBs in Tunbridge Wells face largest SDLT bill post-holiday

Jake Carter

September 29, 2021


With the stamp duty holiday coming to an end, first-time buyers (FTBs) in Tunbridge Wells will face the largest Stamp Duty Land Tax (SDLT) bill, according to research by Benham and Reeves. 

Having previously paid no stamp duty on the average purchase, these buyers now face a charge of £1,339 in stamp duty.

In Uttlesford, the average FTB will now pay £1,202 in stamp duty, with Chichester (£1,159) and Tonbridge and Malling (£1,119) also seeing a charge in excess of £1,000.

Other areas where FTBs will now pay stamp duty include Broxbourne (£527), Cotswold (£309), Barking and Dagenham (£286), Vale of White Horse (£201), Dartford (£134), East Hampshire (£118), Mid Sussex (£66) and Wealden (£11).

Across England, the average FTB is now paying £226,474, a £14,248 increase when compared to June 2020, before the stamp duty holiday was introduced.

12 areas of the English property market have seen the average FTB house price jump the £300,000 SDLT threshold as a result of stamp duty holiday house price growth, with buyers now facing a tax bill where they previously would not have.

Marc von Grundherr, director of Benham and Reeves, said: “The cost of taking that first step onto the property ladder has never been higher and thanks to the stamp duty holiday, it’s about to get all the more expensive for many first-time buyers.

“Some will now find that an increase in house prices has pushed them over the stamp duty free threshold of £300,000, while others will have expected a stamp duty bill, but will now be paying more than they would have prior to the launch of the holiday.

“In some cases this additional cost may only be marginal, in others, it will add thousands of pounds to the cost of buying.

“However, any increase, regardless of how big or small, won’t be welcomed by hard pressed buyers who have already scrimped and saved in order to buy their first home.”

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