Homebuyers paid £12.3bn in Stamp Duty between January and October, according to Coventry Building Society’s analysis of the latest HM Revenue and Customs statistics.
The figure is up 21% on the £10.2bn paid over the same period last year and comes as attention turns to next week’s Autumn Budget, where speculation continues over possible reforms to property taxation.
In October alone, homebuyers paid £1.5bn, marking the highest monthly total so far this year.
The figures come amid growing uncertainty among buyers and sellers about whether to complete transactions before or after any announcement in the Budget.
Speculation about a major overhaul was first reported on 18th August, with suggestions that Stamp Duty could be scrapped and replaced with a property tax on sellers of homes worth more than £500,000.
The Autumn Budget will take place on 26th November.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The market is long overdue some clarity.
“The Stamp Duty rumours have been swirling for months with buyers and sellers being left in limbo.
“All eyes are going to be on the Chancellor next Wednesday to see if the speculation amounts to anything.
“For three months buyers and sellers have been left unsure what changes might be coming and if they’ll win or lose.
“Buyers might save thousands, but sellers might have to pay thousands. It could be a significant shake up, and people are waiting with bated breath to see where they stand.
“Shifting the burden from buyers to sellers would remove one of the biggest barriers to owning a home – but it’s not without its problems.
“Passing the tax to sellers could make people at the top of the chain think twice about moving which in turn limits supply and distorts house prices.
“Any reforms have to strike the right balance so that it supports buyers, keeps sellers in the market, and helps the housing market keep moving.”
