Stamp Taxes receipts for April 2025 to May 2025 had been £3.2bn, which is £0.3 bn larger than the identical interval final year.
This is in response to the most recent figures from HMRC which factors out that the upper receipts in April 2025 in comparison with April 2024, was primarily as a result of lower in thresholds for residential foremost charges and First Time Buyers’ Relief efficient from 1 April 2025
And general, UK homebuyers have paid £5.5bn in Stamp Duty so far this year, a 25% enhance on the £4.4bn paid in the identical interval final year, in response to Coventry Building Society’s evaluation of HMRC statistics.
The tax charged on a mean priced house is now £3,274, up from the £774 it will have been earlier than the thresholds had been diminished.
Coventry Building Society’s head of middleman relationships Jonathan Stinton mentioned homebuyers had been handing over eye-watering sums in Stamp Duty. “The bill for a mean priced residence has greater than quadrupled, and that’s on high of every part else consumers are attempting to cowl.
“When transferring comes with 1000’s in tax, it may put folks off making that subsequent step – whether or not it’s upsizing, downsizing, or simply discovering a house that higher fits their life. That form of pressure doesn’t simply have an effect on particular person consumers, it may sluggish the market down for everybody.”
He added: ““When Stamp Duty was first launched – again in 1694 – it was solely meant to final 4 years. More than 300 years later we’re nonetheless paying it in a single type or one other, regardless of the very fact the housing market has modified. It’s exhausting to see how a tax designed for a special period continues to be the very best match for at this time’s consumers.”
