Homebuyers paid £6.6bn in Stamp Duty throughout the first six months of the year, a 21% increase on the £5.4bn paid in the same period last year, according to Coventry Building Society’s analysis of latest HMRC statistics.
In June buyers paid £1.1bn, a 15% increase from the £918m paid in May.
This is the third month since buyers had to start paying Stamp Duty on properties purchased over £125,000 – after the nil rate threshold dropped from £250,000 on 1st April.
This added £2,500 to the tax on an average priced home – taking it from £1,816 to £4,316
Last week, as part of a renewed focus on homeownership, the government announced a permanent Mortgage Guarantee Scheme in the Mansion House speech. This comes alongside recent changes to loan-to-income limits, and updated guidance on lender stress testing.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “There’s been a flurry of new measures to support homebuyers recently – but they’ve landed just months after Stamp Duty bills jumped by thousands.
“While the new Mortgage Guarantee Scheme and changes to affordability rules show real intent to boost homeownership, those higher tax costs haven’t gone away.
“With deposits, moving expenses, and legal fees already stretching people thin, adding a big tax bill on top can make moving feel out of reach. That kind of pressure doesn’t just affect first time buyers – it can slow the whole market down.
“If the government really wants to support people at every stage of the journey, reforming Stamp Duty should be next on the list.”
