22pc unprepared for cost of stamp duty

Alarmingly, one in seven (14%) people buying their second or third homes do not consider stamp duty either.

Encouragingly, many first-time buyers (41%) and established homeowners (45%) are well-prepared having calculated the exact amount to set aside for stamp duty.

The research also shows that people’s level of consideration of stamp duty varies quite significantly across Britain.

Residents in the East of England (50%), the south west (49%) and south east (48%) are stamp duty savviest, setting aside a specific amount to cover stamp duty.

In contrast, one in four of those living in the North West (26%) and Wales (25%) are not considering the cost of stamp duty before making an offer on their potential home.

The research also found the average stamp duty outlay exceeds £5,000, the equivalent of nearly a tenth of the average deposit.

For those looking to buy their first home, the average stamp duty is equivalent to an even larger proportion (15% of the average deposit).

In fact, it can be such a large cost that almost one in 10 (9%) homebuyers have capped their bid for a property in order to fall into a lower stamp duty bracket.

The most likely to have done so are those living in London (12%) and the South East (13%), who also face the highest average house prices in the UK.

A third (31%) of current homeowners said they did not pay stamp duty. This is in stark contrast to those currently looking to buy their first property as the majority (86%) expect to pay stamp duty.