Stamp Duty receipts fell by £102m in April following the end of the recent tax break, but buyers still paid a total of £1.3bn during the month, according to analysis from Coventry Building Society.
The figures underline the financial burden homebuyers are now facing following the reduction in the nil-rate threshold from £250,000 to £125,000.
April marked the first month under the reinstated pre-2022 thresholds, yet it was still the second highest month for Stamp Duty revenue so far this year. HMRC data shows receipts of £848m in January and £1.1bn in February, with the total property tax collected since the start of 2025 now standing at £4.6bn.
Although some of April’s total may be attributable to lagging completions from the end-of-March rush, the data suggests that many buyers continue to face significant costs in Stamp Duty even after the deadline passed.
As the nil-rate threshold has now reverted to its 2014 level, homebuyers are contending with a tax regime that has not adjusted in line with rising house prices. In 2014, the average home in England cost £191,986. Today, it is over 50% higher – yet the thresholds remain unchanged. This has pushed more buyers into higher tax brackets, with Stamp Duty on an average priced home climbing from £2,282 to £4,782 following the changes.
Jonathan Stinton, head of mortgage relations at Coventry Building Society, said: “March saw a rush of buyers racing to complete before the threshold changes, yet in April buyers still paid a staggering amount in property tax. Some of this could be from a lag of payments, but it also shows how much buyers are being squeezed, which brings a worry of long-term strain on the market.”
He added that the additional burden of Stamp Duty – on top of deposits, legal fees and moving costs – risks pushing homeownership out of reach for many, particularly in more expensive regions. “It risks freezing people out of the market altogether – especially in higher priced areas where even modest homes now carry a hefty tax bill,” he said.
The impact of this financial pressure extends beyond individual buyers. “For many, moving isn’t just about a new address – it’s tied to bigger life steps like starting a family, downsizing in retirement or getting closer to schools and support networks,” Stinton said. “When those plans get delayed, it doesn’t just affect individuals – it risks the whole market slowing down.”
