Homebuyers paid £10.8bn in Stamp Duty between January and September this year, according to analysis by Coventry Building Society of the latest HMRC data – a rise of 22% on the £8.8bn collected over the same period in 2024.

In September alone, the Treasury received £1.5bn in Stamp Duty, up from £1.3bn in August. The increase came despite growing uncertainty in the property market, fuelled by speculation that the government may overhaul the tax system in the forthcoming Autumn Budget.

Reports first published on 18 August suggested that Stamp Duty could be abolished and replaced by a new property tax on sellers of homes valued above £500,000. The rumours have prompted unease among buyers and sellers alike, with many delaying transactions in anticipation of potential reform.

Jonathan Stinton (pictured), head of mortgage relations at Coventry Building Society, said: “Buyers and sellers are being left in tax purgatory by the Treasury’s refusal to confirm or deny rumours of changes to Stamp Duty.

“Although the September receipts are for property purchases made after the speculation on property tax was already out there, it’s highly unlikely many buyers would have pulled the plug at such a late stage.”

He added: “But transactions could start to dwindle as some buyers choose to hold fire, and we may start to see tax receipts start to lose momentum as a result. Any reform to property tax needs to be well considered and well communicated.

“Buying a home is likely to be the most expensive purchase anyone can make, so it’s normal for people to want to understand the tax implications of waiting a few weeks if the difference could be thousands of pounds.”

Analysts say the coming months will reveal whether the speculation has a dampening effect on housing market activity, with many expecting clarity in the Autumn Budget to be crucial in sustaining confidence among both buyers and sellers.