HMRC’s data analysis shows there were 84,280 residential and 10,090 non-residential transactions in April, 14.5% lower compared with the same month last year. It says the large increase in residential transactions for March 2016, which totalled 153,700, followed by the substantial reduction in April is likely to be associated with the introduction of the higher rates on additional properties in April 2016.

However, HMRC says that whilst April 2016 is lower than April 2015, it should be noted that the total for March and April 2016 is still substantially higher than the corresponding period last year.

Additional non-tax factors may have played a role as well, for example the Bank of England's plans to curb buy-to-let mortgages resulting in a rush to purchase.

Separate HMRC statistics indicate that SDLT receipts for April 2016 are 31.7% higher than in the same period last year. In its analysis, HMRC says the large year-on-year increase in receipts in March and April 2016 could be explained by forestalling activity ahead of the introduction of the higher rate of SDLT on additional residential properties, with payments for many of the transactions completed at the end of March not received until early April.

HMRC says April 2016 represents the largest single month of SDLT receipts since the tax's introduction in 2003, though it states ‘numerous recent policy changes mean that caution should be exercised when making comparisons over time’.

‘For now, the overall effect on the Treasury is positive, as SDLT receipts for the previous 12 months (£11bn) have totalled almost as much as capital gains tax and inheritance tax put together (£11.7bn), and further demonstrates how the tax on property has boosted the Treasury revenues. It has also addressed an area in which the government had expected to lose out,’ said Paul Haywood-Schiefer, assistant manager at Blick Rothenberg.

HMRC’s UK property transaction statistics are here

HMRC’s tax and NIC receipts, which include SDLT figures, are here