Homebuyers paid a total of £13.03bn in Stamp Duty across 2024, according to Coventry Building Society’s analysis of HMRC figures.

This represents a 10% increase on the £11.8bn homebuyers paid in the previous year.

The society said the rise in tax revenue could be attributed to more people buying homes, an increase to the surcharge paid on second properties, and the increase in demand due to the temporary extension of nil-rate thresholds for Stamp Duty.

Homebuyers currently pay Stamp Duty if their home costs more than £250,000. After 31st March 2025 this will drop to £125,000. First time buyers currently pay Stamp Duty if their home costs more than £425,000, which is set to drop to £300,000, meaning that receipts could rise further and faster as these temporary thresholds are removed.

The OBR has already forecasted that homebuyers are set to pay 110% more Stamp duty by 2030, with receipts jumping to £18.1bn.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said:
“Homebuyers are paying more and more to the taxman and it’s only going to get worse from April when the thresholds change, and Stamp Duty bills are hiked again.

“The tax bill for moving home, or even buying a first home in some parts of the country, is likely to shoot up by thousands of pounds.

“The extra revenue may help the Treasury, but people will be put off buying homes if the tax burden becomes too costly.”