Homebuyers have paid £12.3bn in stamp duty so far this year, a 21% rise on the same period in 2024 according to analysis from Coventry Building Society.
The figures, drawn from the latest HMRC data, come just days before the Chancellor delivers the Autumn Budget, where the future of property taxation is expected to be a central political flashpoint.
Between January and October, stamp duty receipts climbed from £10.2bn last year to £12.3bn, with October alone accounting for £1.5bn – the highest monthly total of 2025 so far.
The surge comes amid growing uncertainty over potential reforms, with many buyers and sellers pausing decisions until they know whether the tax will be overhauled.
BUDGET SPECULATION
Speculation about a radical redesign of property taxation first surfaced in August, including the possibility of scrapping stamp duty altogether and replacing it with a seller-side tax for homes worth more than £500,000.
With the Budget scheduled for 26 November, activity in parts of the market has slowed as households weigh the risks of moving before or after any announcement.
Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, says: “The market is long overdue some clarity. The stamp duty rumours have been swirling for months with buyers and sellers being left in limbo.
“All eyes are going to be on the Chancellor next Wednesday to see if the speculation amounts to anything.
“For three months buyers and sellers have been left unsure what changes might be coming and if they’ll win or lose. Buyers might save thousands, but sellers might have to pay thousands.
“It could be a significant shake up, and people are waiting with bated breath to see where they stand.”
THINK TWICE BEFORE MOVING
And he adds: “Shifting the burden from buyers to sellers would remove one of the biggest barriers to owning a home – but it’s not without its problems.
“Passing the tax to sellers could make people at the top of the chain think twice about moving which in turn limits supply and distorts house prices.
“Any reforms have to strike the right balance so that it supports buyers, keeps sellers in the market, and helps the housing market keep moving.”
