Stamp duty receipts have remained above pre-pandemic levels despite weaker housing market conditions and higher mortgage rates, analysis by Yopa suggests.
HM Revenue & Customs collected an average of £1.108bn a month in Stamp Duty Land Tax during the first six months of 2026.
This was below the monthly average of £1.285bn recorded during 2025, when transactions were boosted by buyers completing before Stamp Duty thresholds changed on 1 April.
However, the 2026 average remains higher than every full calendar year since 2018, excluding 2022 and 2025.
RECEIPTS RECOVER
Average monthly receipts stood at £1.005bn in 2018 and £978m during 2019 before falling to £721m in the pandemic-affected market of 2020.
Receipts recovered to an average of £1.098bn in 2021 following the introduction of the Stamp Duty holiday.
They then reached £1.346bn a month during 2022 as the property market continued to benefit from the pandemic-era surge in demand.
The monthly average subsequently fell to £987m in 2023 before recovering to £1.086bn during 2024.
ALMOST RECORD
The highest monthly stamp duty total recorded since 2018 was £1.737bn in December 2021.
HMRC collected a comparable £1.725bn in December 2025 despite no temporary Stamp Duty relief being available to buyers.
Yopa says the figures suggest transaction activity has remained resilient despite affordability pressures and widespread reports of a cooling market.
BALANCED PICTURE
Verona Frankish (main picture, inset), CEO of Yopa, says: “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.”
