Home buyers have saved an average of £5,034 during the stamp duty holiday, a poll by Moneysupermarket suggests.

Buyers in Liverpool have made the highest average savings at £8,167, followed by those in London at £7,410 and Edinburgh at £7,100, the survey found.

The average profit made on house sales over the past year was £80,312.

Sellers in London made the most on average at £103,143, followed by sellers in Norwich at £92,813 and Sheffield at £84,584.

The stamp duty holiday was introduced in July 2020, waiving the tax on properties valued up to £500,000. 

From tomorrow, the nil-rate threshold will be reduced from £500,000 to £250,000 until the end of September.

From October 1, the threshold will return to £125,000 – or £300,000 for first-time buyers purchasing a property worth up to £500,000.

A third of buyers polled by Moneysupermarket are still hoping to take advantage of the reduced rates before the end of September even if they miss out on today’s deadline.

Moneysupermarket mortgage expert Jo Thornhill says: “The stamp duty holiday has been hugely popular with buyers and it’s clear from our research why that’s the case: average savings of £5,000 can make a huge difference when you’re buying a property, giving you the flexibility to spend that money on other cost items like solicitors fees, general moving bills or even new furnishings.

“If you’re still hoping to move, don’t worry if you miss the June deadline. 

“A reduced version of the scheme will still be running through to September which means substantial savings can still be made.”

But GoodMove director and chartered surveyor Ross Counsell believes buyers are better off waiting for prices to come down after stamp duty returns to its previous level in October than rushing to get a deal through.

He says: “As we have seen from house price statistics across the year, the housing market has become extremely saturated, following people rushing to buy properties to meet the deadline. 

“Mortgage approvals and new buyer enquiries for properties have risen by 44% with the rise in demand being reflected in the inflation of house prices.

“We can expect to see a decline in demand from October once the deadline officially ends, and expect this to be a better time to buy a property this year before rushing to try and meet the deadline.

“For anyone looking to purchase a property, the advice is simple – hang fire. If the statistics are reflective of anything over the past year, the stamp duty is of benefit to only one side of the coin – the sellers. 

“If buyers can wait it out until the end of the deadline, they should expect to save a significant amount of money on a property.

“A home is the heart of you and your family, and with only three months to go until the end of the stamp duty deadline, it’s worth buyers taking their time to find their dream property. 

“Such a significant stage of life should not be rushed, as this can cause dissatisfaction in the long term.”

Masthaven Bank director of intermediaries Rob Barnard says lenders must now turn their attention to supporting borrowers through more difficult times ahead.

He says: “The stamp duty holiday has certainly played a part in accelerating activity in the market and the end of the tax holiday might well pour some cold water on the hopes of prospective buyers.  

“There are, however, bigger challenges to come. 

“The recent frenetic market activity has been at least partly artificial, driven by the release of pent-up demand and massive levels of government spending in many parts of the economy. 

“Potential buyers may find that their personal finances take a bigger hit later this year when the furlough scheme ends and various government lending schemes are withdrawn. 

“Once these Covid programmes are removed, borrowers will still need support. 

“Lenders must now pivot their attention to surmounting the challenge of the post-pandemic recovery. 

“Specialist lenders in particular could play a critical role in the nation’s recovery, ensuring that customers hardest hit financially by the last eighteen months can still access advice and products tailored to their circumstances.”