Stamp Duty Land Tax receipts remained above pre-pandemic levels during the first half of 2026, according to analysis by Yopa.

The estate agency analysed monthly receipts published by HM Revenue & Customs between January 2018 and June 2026.

HMRC collected an average of £1.108 billion a month in SDLT during the first six months of 2026, the research found.

This was below the monthly average of £1.285 billion recorded in 2025, when transactions were boosted by buyers completing purchases before stamp duty thresholds changed on 1 April 2025.

However, the average for the first half of 2026 was higher than in every full calendar year between 2018 and 2024 except 2022, when the market was still benefiting from the momentum of the pandemic property boom.

Average monthly receipts stood at £1.005 billion in 2018 and £978 million in 2019, before falling to £721 million during the pandemic-hit market of 2020.

Following the introduction of the stamp duty holiday, the monthly average rose to £1.098 billion in 2021 and reached £1.346 billion in 2022.

Receipts subsequently fell to a monthly average of £987 million in 2023 before recovering to £1.086 billion in 2024.

The highest monthly total since 2018 was £1.737 billion in December 2021. Receipts reached £1.725 billion in December 2025, despite the absence of temporary tax relief for buyers.

Verona Frankish, chief executive of Yopa, said: “There’s been no shortage of headlines suggesting the housing market has lost momentum over the last couple of years, but Stamp Duty receipts paint a far more balanced picture.

“Whilst today’s market isn’t operating at the same fever pitch seen during the pandemic, transaction levels have remained remarkably resilient when viewed against historic norms.

“Buyers are navigating higher mortgage rates and greater affordability pressures, yet people continue to move home because life’s major milestones don’t stop.

“It’s also important to recognise that last year’s Stamp Duty figures were boosted by buyers rushing to complete before the April threshold changes came into effect.

“Against that backdrop, the performance we’re seeing so far in 2026 is particularly encouraging, as it suggests the market is capable of sustaining healthy levels of activity without relying on temporary tax incentives.

“That’s a positive sign for the long-term health of the housing market, as stability is ultimately far more valuable than the short-lived spikes in activity created by government intervention.”