Stamp Duty receipts defy housing slowdown

Stamp Duty receipts have remained above most pre-pandemic levels despite signs of a cooler housing market, with HMRC collecting an average of £1.108bn a month during the first half of 2026, research reveals.

The findings from Yopa show the figure is below the £1.285bn monthly average recorded in 2025, when transactions were boosted by buyers completing ahead of Stamp Duty threshold changes on 1 April.

However, the 2026 average remains higher than every full calendar year since 2018 apart from 2022.

Yopa analysed monthly Stamp Duty Land Tax receipts published by HMRC between January 2018 and June 2026.

Housing market activity

The firm’s chief executive, Verona Frankish, said: “There’s been no shortage of headlines suggesting the housing market has lost momentum over the last couple of years, but Stamp Duty receipts paint a far more balanced picture.

“Whilst today’s market isn’t operating at the same fever pitch seen during the pandemic, transaction levels have remained remarkably resilient when viewed against historic norms.”

She added: “Buyers are navigating higher mortgage rates and greater affordability pressures, yet people continue to move home because life’s major milestones don’t stop.

“It’s also important to recognise that last year’s Stamp Duty figures were boosted by buyers rushing to complete before the April threshold changes came into effect.”

Stamp Duty receipts

Average monthly receipts stood at £1.005bn in 2018 and £978m in 2019 before dropping to £721m during 2020.

They then rose to £1.098bn in 2021 and reached £1.346bn in 2022.

The annual monthly average fell to £987m in 2023 before recovering to £1.086bn during 2024.

Receipts recorded in the first six months of 2026 therefore remain above both years despite higher mortgage rates and no Stamp Duty incentive for buyers.

Property transactions continue

The highest monthly Stamp Duty receipt recorded since 2018 was £1.737bn in December 2021, during the later stages of the pandemic property boom.

December 2025 came close at £1.725bn.

That figure was recorded without temporary Stamp Duty relief being available to buyers.

Yopa says the comparison shows substantial levels of property transactions have continued despite affordability pressures and changing tax thresholds.