The Autumn budget means that second-home buyers will face a stamp duty bill increase averaging more than £6,000, Inventory Base has revealed.

In the Chancellor’s Budget, Rachel Reeves announced that the rate of stamp duty paid on second homes in England would increase from 3% to 5% immediately, starting on 31 October.

The data reveals that, based on England’s current average house price of £309,572, second-home buyers were, until 30 October, facing an average stamp duty tax bill of £12,266 based on the 3% additional rate. However, Inventory Base’s data reveals that as of 31 October, the new 5% additional rate means that this tax bill now sits at £18,457, an instant increase of £6,191.

There are four regions of England where the average second-home buyer has been hit with a steeper stamp duty increase. In London, where the average house price is £531,212, second-home buyers have seen their stamp duty bill grow by £10,624 to sit at £40,621. In the South East, an increase of £7,696 puts the average stamp duty bill at £25,980, while the East of England and South West have seen increases of £6,884 and £6,415 respectively.