Homebuyers paid £13.03bn in Stamp Duty in 2024, according to Coventry Building Society’s analysis of HMRC figures.
This was a 10% increase from the £11.8bn paid in 2023.
The rise in tax revenue was due to more home purchases, an increased surcharge on second properties, and a temporary extension of nil-rate thresholds.
Currently, buyers pay Stamp Duty if their home costs more than £250,000.
After 31 March 2025, this threshold will lower to £125,000.
First-time buyers now face paying if their home exceeds £425,000, dropping to £300,000 after that date.
The Office for Budget Responsibility (OBR) predicts that Stamp Duty payments could rise to £18.1bn by 2030.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Homebuyers are paying more and more to the taxman and it’s only going to get worse from April when the thresholds change, and stamp duty bills are hiked again.
“The tax bill for moving home, or even buying a first home in some parts of the country, is likely to shoot up by thousands of pounds
“The extra revenue may help the Treasury, but people will be put off buying homes if the tax burden becomes too costly.”
