"While the majority of buyers would clearly benefit from reduced upfront costs, agents in regions such as London and the South East will need to adapt quickly, given the higher proportion of homes that could fall under the new system"
- Adam Day - eXp UK
Only a small proportion of homes across England and Wales are selling for £500,000 or more, but in London, more than half of all transactions could be affected by the government’s proposed shift from stamp duty to a homeowner-based levy, according to new analysis from eXp UK.
The study examined Land Registry Price Paid data on 281,108 sales completed since the start of 2025.
It found that just 48,942 homes, or 17.4% of the market, changed hands for £500,000 or more. This suggests that replacing Stamp Duty with a seller-side homeowner tax would reduce upfront costs for the vast majority of buyers, potentially easing affordability barriers.
Under the proposals, buyers would no longer pay Stamp Duty at the point of purchase. Instead, homeowners would pay a levy on properties valued above £500,000. The change would represent a fundamental shift in property taxation, removing upfront financial pressure for most buyers but creating new considerations for those aiming to move higher up the market.
Regional breakdowns highlight how uneven the effect could be. In London, 53.3% of sales completed in the past 12 months were at £500,000 or above, the highest proportion nationwide. This means that more than half of transactions in the capital could be caught by the new levy.
The South East recorded 27.3% of sales above £500,000, followed by the East of England at 20.4%. By contrast, just 4.1% of homes in Wales exceeded this threshold. Lower figures were also reported in the North East (3%) and Yorkshire and the Humber (5.4%).
“Policy changes such as the proposed move from Stamp Duty to a homeowner levy would create a very different market landscape for agents across England and Wales,” said Adam Day, head of eXp UK and Europe. “While the majority of buyers would clearly benefit from reduced upfront costs, agents in regions such as London and the South East will need to adapt quickly, given the higher proportion of homes that could fall under the new system."
“As agents, it’s our responsibility to lead from the front and provide sound advice and clarity for our sellers, especially in times of notable change. At eXp, our model is designed to give agents the flexibility and support to thrive regardless of market conditions.
“By combining autonomy with industry-leading training, innovative technology, and access to a global community, we ensure our agents are equipped to meet the needs of buyers and sellers across all markets, whatever the requirements may be.”
