Property purchasers paid out £1.4bn in stamp duty deadline rush, as the Treasury cashed in on homebuyers flocking to complete before the March 2025 deadline.
Higher transaction levels prior to the change to residential Stamp Duty Land Tax thresholds from April 2025 and higher rates of SDLT surcharge for additional properties fuelled the sharp rise in receipts in February to March 2025.
The £1.4bn in stamp duty in March, represented a £357m – 34% – increase from February, and a £544m – 63% – hike from March 2024, according to Coventry Building Society’s analysis of latest HMRC statistics.
So far this year homebuyers have paid £3.3bn in property tax.
Jonathan Stinton, head of intermediary relationships at Coventry BS, said: “March was always going to be a busy month for homebuyers, with people rushing to complete before the Stamp Duty cliff edge. Now the deadline has passed, many will be facing thousands more in upfront costs – which can be a big hit when people are already juggling deposits, legal fees, and the cost of setting up a home.”
He added: “These kinds of changes don’t just affect individual buyers – they can shift the market as a whole. Some might delay moving altogether, while others could be priced out of areas where the average house price is above the threshold. It raises the question about whether our property tax system is keeping pace with today’s housing market – where prices have surged and tax bill shave rocketed as a result.”
