Homebuyers paid around £4.2bn in stamp duty between April and June, £0.5bn higher than the same period last year.
The latest HMRC figures also reveal that inheritance tax between April and June came to £2.1bn, which is £83m higher than the same period last year.
According to Coventry Building Society, which analysed HMRC figures, homebuyers have paid £5.4bn in stamp duty so far this year, which is in line with figures last year.
Homebuyers currently pay stamp duty on homes over £250,000, although in March next year this will fall to £125,000, so the average stamp duty tax bill will go from £2,619 to £5,119.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The new government has been fairly mute on stamp duty so far, but silence definitely isn’t golden when it could end up costing homebuyers thousands of pounds in extra tax. If we don’t hear anything between now and next April, those looking to buy an average-priced home will have to fork out an additional £2,500 in property tax.
“The next Budget could be as early as September, and that’s when we really want to see the new Chancellor set out an ambitious, long-term plan for property tax that will give certainty to anyone thinking of buying or selling a home.”
He added: “There are only eight months left until temporary thresholds for property tax will halve to just £125,000, leaving all but a few buyers facing bigger up-front tax bills. That April deadline carries a risk of property market distortion.
“Within the next few months, buyers will be increasingly likely to rush through purchases to avoid a hefty tax hike, causing a flurry of activity followed by a sharp drop after the relief has ended. This swell and burst effect isn’t going to help build long-term stability in the market, so stamp duty should be high on the Chancellor’s priority list when preparing for the next Budget.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
