According to transactions data and assuming an average saving of around £1,580 across a total of 647,000 transactions benefiting from the changes, homebuyers in the UK could save £1bn as a result of the Stamp Duty changes.
For homebuyers in England, Wales and Northern Ireland, the introduction of a progressive Stamp Duty Land Tax system came into force on 4 December 2014, while for Scottish buyers the Land and Buildings Transaction Tax changes are to be implemented on 1 April 2015.
As a result, the average tax payable on the purchase of a home is likely to fall across the UK, with the average saving projected to be around £1,600 in England, equating to £912m across the country, £1,219 in Wales (£24m), £1,622 in Scotland (£82m) and £748 in Northern Ireland (£6m).
For both England and Scotland, most likely to benefit from the changes are those looking to move up the housing ladder – though duty payable on properties over £330,000 will now be more expensive in Scotland than in England.
Graham Beale, Nationwide’s Chief Executive, commented: “It’s gratifying to see the changes that Nationwide campaigned so long for, making such a substantial difference to the pockets of homebuyers across the UK.
With the implementation of the new progressive approach in Scotland just around the corner, buyers across the UK will now only pay for the amount of their property value over each new threshold, a victory for fairness and another encouraging step for all those considering a move on to or further up the housing ladder.”
