Savills calculate stamp duty saving

Tax: Analysis from property advisers Savills shows that the stamp duty holiday announced today could save home buyers in England up to £15,000.

The price threshold at which buyers start to pay stamp duty is now £500,000, up from £125,000. That means someone buying the average home in England, worth £248,000, would pay no stamp duty at all, a saving of £2,460. Someone buying a £500,000 property would save £15,000.

While properties over £500,000 will pay stamp duty, they will pay £15,000 less than before.