Just 17% of homes sold across England and Wales this year have changed hands for more than £500,000 but in London more than half of all transactions could be caught by a proposed homeowner levy.
Analysis of Land Registry Price Paid data by eXp UK and covering 281,108 sales since the start of 2025 shows that 48,942 properties achieved £500,000 or more, accounting for 17.4% of the market.
Under rumoured government proposals to replace stamp duty, the upfront tax paid by buyers would be scrapped and replaced with a levy on homeowners whose properties exceed the £500,000 threshold.
Proponents argue this would ease affordability pressures for the majority of buyers, shifting the burden away from those struggling to get on the ladder.
SHARP DISPARITIES
However, eXp UK’s regional breakdown highlights sharp disparities in how such a reform would be felt.
In London, 53.3% of homes sold in the past 12 months were above £500,000, by far the highest proportion. The South East also shows significant exposure, with 27.3% of transactions above the threshold, followed by the East of England at 20.4%.
At the other end of the spectrum, only 4.1% of sales in Wales breached £500,000, alongside 3% in the North East and 5.4% in Yorkshire and the Humber.
REDUCED UPFRONT COSTS
Adam Day, Head of eXp UK and Europe, says: “Policy changes such as the proposed move from stamp duty to a homeowner levy would create a very different market landscape for agents across England and Wales.
“While the majority of buyers would clearly benefit from reduced upfront costs, agents in regions such as London and the South East will need to adapt quickly given the higher proportion of homes that could fall under the new system.”
GLOBAL COMMUNITY
And he adds: “As agents, it’s our responsibility to lead from the front and provide sound advice and clarity for our sellers, especially in times of notable change and at eXp, our model is designed to give agents the flexibility and support to thrive regardless of market conditions.
“By combining autonomy with industry-leading training, innovative technology, and access to a global community, we ensure our agents are equipped to meet the needs of buyers and sellers across all markets, whatever the requirements may be.”
