Overall receipts for stamp taxes for 6 April to 5 May 2023 were £2.4bn, which was £1.1bn lower than in the same period a year earlier. The majority of this change (£900m) related to stamp duty land tax (SDLT), driven by lower transaction numbers, the lower rate of taxation and a more generous relief for first time buyers introduced in September 2022.

‘After years of flying high, stamp taxes took a dive – down £1.1bn on the same period last year. More generous relief will have played a part, but much of the fall is driven by housing market woes,’ said Helen Morrissey, head of retirement analysis at Hargreaves Lansdown.

‘A toxic mix of the cost of living crisis and surging mortgage rates has dampened demand in this once surging market. With interest rates on the rise and mortgage deals being taken off the table there’s little chance of seeing a bounce back in demand any time soon.’

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