More than £450m was generated by the 3% element of the stamp duty surcharge charged on the purchase of second homes and buy to lets (BTLs) in Q3 net of refunds, according to HMRC.
The £454m of receipts equates to 52,600 transactions in the quarter.
This represents an increase of 5% in receipts from the previous quarter, and an increase of 1% compared to Q3 2023
The percentage of residential receipts from Higher Rate Additional Dwelling transactions decreased by five percentage points from 49% in Q2 2024 to 44% in Q3 2024.
From today, the surcharge for additional dwellings, which is charged on top of standard stamp duty rates, will increase to 5% following yesterday’s Budget announcement.
Stamp duty receipts for residential properties rose by 20% quarter-on-quarter in the three months to September while increasing 5% compared to the same period last year.
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Meanwhile, residential property transactions liable for stamp duty in Q3 2024 were 17% higher than in the previous quarter, and 9% higher than in Q3 2023.
Claims for First-Time Buyer relief were up 20% quarter-on-quarter from 31,700 to 38,100.
In Q3 2023, there was also an increase of 20% compared with the previous quarter.
The relief granted reached £186m in Q3, an increase of 24% compared to the previous quarter and a rise of 21% compared to Q3 2023.
Chancellor Rachel Reeves did not announce an extension to the temporary increases to nil-rate thresholds in yesterday’s Budget.
This means first-time buyers will see their current temporary stamp duty discount revert at the end of March next year.
The nil-rate tax threshold up to £250,000 will drop to £125,000, while the first-time buyer relief nil-rate tax threshold of up to £425,000 will drop back down to £300,000.
