More than 1.2 million homes were bought in England in 2021-22, the highest figures since 2007-8, and almost 200,000 more since 2020-21 – according to Coventry Building Society’s analysis of HMRC annual Stamp Tax statistics.
The total amount of Stamp Duty Land Tax paid on residential properties in England during this period was £10.1bn, a 69% increase from the £6bn paid in 2020-21.
The record amount of tax paid on residential property purchases in any tax year was achieved despite the first six months (April – September 2021) being covered by the Stamp Duty holiday.
Separate HMRC figures published earlier this month show Stamp Duty Land Tax receipts of £12.7bn in the first three quarters of this tax year.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The numbers confirm what we already knew – the Stamp Duty holiday injected life into the market at a time of uncertainty.
“The reduced tax bill enabled people to move more freely, which was especially important during the pandemic when a lot of people were suddenly working from home and reassessing what their house needs to be.
“We’re arguably in another period of uncertainty, where an injection to the market would be welcomed by many.
“The new Stamp Duty thresholds set in September have eased the tax burden on homebuyers, but there’s room for the government to really get creative in their approach and start introducing incentives for energy efficient home improvements, or waivers for downsizers, for example.”
