Stamp Duty receipts have remained above most pre-pandemic levels, with HMRC collecting an average of £1.108bn a month during the first half of 2026. This is despite indications of a cooler housing market, according to research from Yopa.
The monthly average for 2026 is lower than the £1.285bn recorded in 2025, a period when transactions were boosted by buyers completing ahead of Stamp Duty threshold changes. However, the 2026 average still surpasses every full calendar year since 2018, with the exception of 2022.
Yopa's chief executive, Verona Frankish, noted that while the market is not as active as during the pandemic, transaction levels have shown resilience when compared to historical norms. Buyers are navigating higher mortgage rates and affordability pressures, yet property transactions continue.
The highest monthly Stamp Duty receipt since 2018 was £1.737bn in December 2021. December 2025 saw receipts of £1.725bn, a figure achieved without temporary Stamp Duty relief, indicating continued substantial property transactions despite various pressures.