Stamp duty receipts and transactions saw a significant rise in 2024–25, according to HMRC’s latest annual report.
The increase was driven by higher surcharge rates, a surge in activity ahead of April 2025 SDLT threshold changes, and strong performance in both residential and non-residential markets.
Total stamp tax receipts rose 23% year-on-year, from £14.8bn in 2023–24 to £18.2bn, with SDLT accounting for £13.9bn, up 20% on the previous year.
Residential SDLT receipts increased 21% to £10.4bn, supported by a 20% rise in residential transactions (up from 872,000 to 1,049,600), while non-residential receipts rose 15% to £3.5bn, with transactions increasing 7% year-on-year to 112,400.
Quarterly data shows that after a sustained rise through 2024, both SDLT transactions and receipts dipped in Q1 2025.
High property prices in southern England meant that this region generated the highest receipts, led by London, which secured £5.14bn in 202425 (37% of the total).
Total SDLT transactions reached 1.162 million, up 19% year-on-year.
The East of England recorded the largest rise in residential transactions, while the East Midlands saw the biggest increase in non-residential activity.
Ian Futcher, financial planner at Quilter, commented: “The latest stamp duty figures show a market that has remained relatively resilient in terms of transaction numbers, but one where the tax burden on buyers continues to grow. Residential SDLT receipts rose by 21% over the year, despite house prices being broadly flat. Therefore this isn’t a story of booming values but of a system that has become increasingly punitive, with higher surcharges and tighter reliefs pushing up the cost of moving.
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