In percentage terms, 57% of sales during the period September 2008 to January 2009 were below £175,000 compared with 31% below £125,000.
There are some significant regional differences. Increasing the lowest Stamp Duty threshold has benefited buyers in all regions, but has had a more pronounced impact outside the south east.
For example, only 18% of total sales were below £175,000 in London during the period September 2008 to January 2009 compared to 79% in the North.
First-time buyers (FTBs), in particular, have benefited from the change to the stamp duty threshold. The average price paid by a FTB in Q1 2008 was £157,540 with an average Stamp Duty bill of £1575.
By comparison, the average FTB paid no stamp in 2009 Quarter 1 (average FTB price of £131,374).
An estimated 27% of FTBs did not pay Stamp Duty during September 2008-March 2009 because of the raising of the nil rate threshold from £125,000 to £175,000. Only 18% of FTB purchases during this period were above the temporarily higher threshold of £175,000.
The proportion of FTBs in the UK that would have paid stamp duty if the threshold had been £125,000 would have been 45%.
More than 90% of FTB sales were below £175,000 in all regions outside southern England.
The exceptions were: East Anglia (88%), South West (84%), South East (64%) and Greater London (31%).
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