Rightmove's April 2026 analysis estimated that first-time buyers paid £408 million in stamp duty between April 2025 and March 2026, compared with £101 million in the preceding year. The £307 million difference describes the portal's estimate for those periods, rather than a forecast of future receipts.
The report followed the reduction in the first-time buyer tax-free threshold from £425,000 to £300,000. Rightmove said the proportion of homes advertised below the relevant threshold fell from 62% to 41%. That is a measure of listings, not the proportion of completed purchases on which buyers paid no tax.
The regional distribution was uneven. London accounted for 53% of the estimated bill, while the South East contributed 23% and the East of England 10%. Rightmove called for a review of thresholds; that is its policy position, rather than an announced government change.
How the relief works
HMRC's residential SDLT guidance explains that eligible first-time buyers pay no SDLT on the first £300,000 and 5% on the portion between £300,000 and £500,000. A purchase above £500,000 does not qualify for first-time buyer relief. Eligibility also requires anyone buying jointly to be a first-time buyer.
The distinction between a threshold and a tax rate matters. For an eligible £500,000 purchase, HMRC's example applies 5% to £200,000, producing a £10,000 bill. It does not apply that percentage to the entire purchase price. Above the eligibility ceiling, the ordinary residential rules apply instead.
An average reported in market research therefore cannot determine an individual transaction's liability. HMRC says the amount depends on the purchase date, price and eligibility for relief or exemption, and provides an official calculator. Additional-property and non-resident rules can also affect the calculation.
This archive report retains the April 2026 research period. The accompanying explanation was checked against HMRC guidance during the October 2026 editorial review; it is general information, not an individual tax assessment.