Home buyers have paid out a record total of £14.7bn in Stamp Duty up until November this year, which is 29% higher than the same period last year, according to Coventry Building Society’s analysis of HMRC figures.
In the whole of 2021 homebuyers paid £13.1bn in Stamp Duty – this total was surpassed in October, making 2022 a record breaking year for Stamp Duty receipts.
In November homebuyers paid £1.3bn, which is 11% higher than in November last year. This is despite the new Stamp Duty thresholds which were set in September.
In last month’s Autumn Statement the Chancellor said these thresholds will only remain in place until 21st March 2025.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Homebuyers have paid a record amount of Stamp Duty in 2022, and that’s only based on transactions in the first eleven months of the year. When December’s numbers are included, it’s going to set a staggering record for the amount homebuyers have paid in property tax.
“The new thresholds reduce the tax bill for homebuyers, and that’s certainly welcomed, but it’s arguable that the measures haven’t gone far enough.
“Before the thresholds were amended buying the average priced home in England came with a tax bill of £5,767, that’s now reduced to £3,303 but it’s still more than double the £1,566 it was in 2014 when the previous thresholds were set.
“The Stamp Duty bill on an average priced home doubling in less than a decade shows the government still has work to do if they’re going to stop homebuyers being squeezed too far by the taxman.
“By deciding to make the new thresholds temporary, and not introduce incentives for energy-efficient home improvements, the Chancellor has created a potential problem that will concern those looking to own property in the future.”
