HM Treasury received £6.2bn in Stamp Duty revenue in the first five months of 2022.

This was a 47% increase on the same period in 2021 (£4.2bn), according to analysis of HMRC receipts by Coventry Building Society.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Last year was a record year for Stamp Duty receipts and it’s beginning to look like 2022 could top those levels. It’s good news for the Treasury but bad news for home movers and buyers who are seeing the costs of moving home rise relentlessly.

“House prices continue to increase but the tax thresholds for moving home haven’t budged since 2014. Even the exemption for first time buyers looks less and less generous in many parts of the country.

“Last year’s Stamp Duty holiday showed that it’s possible to reduce the burden on homebuyers and still see a healthy return to the Treasury. And there are more creative solutions available, such as incentives for greener, more energy-efficient properties. Review and reform of Stamp Duty looks long overdue.”