Homebuyers paid out £11.6bn in Stamp Duty Land Tax (SDLT) in the 2023-24 tax year, £3.7bn (24.4%) less than in 2022-23, according to Coventry Building Society’s analysis of HMRC figures.
In March, homebuyers paid £864m in Stamp Duty, an increase of £83m (10.6%) since February.
February was the lowest month for Stamp Duty receipts throughout the year with £781m, while August was the highest with £1.1bn.
The Office for Budget Responsibility’s (OBR) Economic and Fiscal Outlook shows property taxes – including Stamp Duty, devolved property taxes, and the Annual Tax on Enveloped Dwellings – are expected to increase by £1.3bn this year, and continue to increase year upon year – reaching £22.1bn in 2028-29.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The Treasury has taken an almost £4bn hit because there were roughly 200,000 fewer property transactions last year.
“But the tax burden for homebuyers hasn’t lightened at all, they are still paying thousands of pounds to move home.
“Once again the rumours have started circling that there could be a cut to Stamp Duty in the Autumn Statement, but we’ve heard that one so many times it now feels like the Treasury crying wolf.
“Signalling a cut to Stamp Duty could make future buyers hold fire on their purchase, which may all be for nothing if the rumours don’t amount to anything concrete.
“What buyers need is a definitive review of Stamp Duty, one which also addresses other issues like support for downsizers or helping to make homes more energy efficient, rather than using it like a political beach ball to score votes.”
