The average stamp duty land tax (SDLT) payment fell from £11,202 in 2021-22 to £9,937 in 2022-23, while total tax raised was up to £15.36bn, from £14.1bn the previous year. Two thirds of the transactions were residential purchases, accounting for £11.7bn of receipts.

Despite gloomy news on property prices and the fluctuation in interest rates throughout 2023, total residential tax take surprisingly increased from the 2021-22 period, up by over £1.5bn from £10.1bn. For the final quarter of 2022-23, however, the figure fell sharply, down 25% on the same quarter in 2022.

Pre-covid, the highest total net SDLT receipts were collected in 2017-18, with £12.9bn worth of receipts, split £9.2bn in residential and £3.6bn in non-residential properties. This dropped to £8.6bn overall in 2020-21 when the pandemic hit transactions.

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