The Treasury received £7.5bn in Stamp Duty Land Tax revenue in the first half of 2022, a 40% increase on the same period in 2021 (£5.4bn), according to analysis of HMRC receipts by Coventry Building Society.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It’s becoming clearer that this could be yet another record year for Stamp Duty receipts.
“That’s great news for the Treasury, but people buying homes are facing a relentless rise in the costs of moving.
“In the current environment, with the cost of living taking an even bigger bite out of people’s ability to save up for buying or moving home, soaring Stamp Duty bills are another stumbling block for the property market.
“Review and reform of Stamp Duty looks long overdue.The average house price in England has risen by £99,000 – from £203,000 to £302,000 – since the existing tax thresholds were set in 2014.
“If the current or future Chancellor is looking for possible ways to maintain a healthy revenue but reduce the burden on homebuyers, they should take a close look at the receipts when the Stamp Duty holiday was in force.
“There are more creative solutions available, such as incentives for greener, more energy-efficient properties, which would have the dual benefit of helping housing stock become more carbon neutral and reducing household bills.”
