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The head of lettings agency Benham and Reeves has made an outspoken attack on stamp duty. The agency analysed data from the Land Registry for homes sold over the last 12 months, calculating the total stamp duty owed on these transactions and how this cost differs across each area of the nation.

The latest index by London agency Benham and Reeves shows that buyer demand for both prime (£2m+) and super prime homes (£10m+) has fallen during the first quarter of the year.

Homebuyers have paid out almost £3.7bn in stamp duty over the year to February, new analysis by Benham and Reeves of Land Registry data has shown. The London lettings and estate agent found that buyers in the capital paid an estimated £1.49bn, accounting for more than 40% of the total for England and Wales.

“It’s clear that nation’s homebuyers are marching on, determined to realise their aspirations of homeownership in 2024, regardless of higher mortgage rates and a lack of any Government offered incentives" Says Marc von Grundherr, Benham and Reeves.

Marc von Grundherr, of estate agents Benham and Reeves, said: “As we approach the spring selling season a very marginal decline in the monthly rate of house price growth should be viewed as nothing more than the market pausing for breath before the floodgates open.

Research conducted by Benham and Reeves shows there are some 261,189 homes that have been classed as empty for six months or more across England.

He was echoed by director of estate agency Benham and Reeves, Marc von Grundherr, who said buyer confidence was building despite the "disappointment" of no extra housing market support being announced in the Spring Budget. Price remains the key compromise for sellers when it comes to securing a buyer in today's market, with higher mortgage rates continuing to restrict buyer purchasing power. However, the gap between this purchasing power price point and seller asking price expectation has narrowed and we’re finding that sellers are more than happy to oblige in order to make their move."

Marc von Grundherr, director of Benham and Reeves, agreed that making sure an asking price was realistic in the first place remains key, especially if the seller is keen to move home quickly.“Price remains the key compromise for sellers when it comes to securing a buyer in today's market, with higher mortgage rates continuing to restrict buyer purchasing power,” said Grundherr.

“The higher cost of borrowing remains an obstacle, but one that buyers are now willing to tackle with the expectation that rates will fall at some point this year,” said Marc von Grundherr, director of London-based estate agency Benham and Reeves. Still, “price remains the key compromise for sellers when it comes to securing a buyer in today’s market,” he added.

Marc von Grundherr, director of estate agent Benham and Reeves, said: “Previously, the ability to find a buyer in a proceedable position was a challenge in itself and so there’s no doubt that market conditions have improved in this respect.