- Residential property transactions in Q3 2022 were 11% higher than in Q2 2022, and 9% lower than in Q3 2021.
- The number of residential transactions liable for Stamp Duty increased by 24% compared to Q3 2021.
- Residential property receipts in Q3 2022 were 21% higher than Q2 2022, and 46% higher than Q3 2021.
- The ending of the Stamp Duty holiday in October 2021 is a key factor behind the surge in receipts.
- May take a few months for Stamp Duty receipts to reflect the gathering gloom in the property market.
HMRC has published the latest Stamp Duty statistics Quarterly Stamp Duty Land Tax statistics commentary – GOV.UK (www.gov.uk)
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown:
“Today’s Stamp Duty data looks robust with receipts on the rise and transactions remaining strong, even after the frenetic activity caused by the Stamp Duty holiday which came to an end a year ago. However, storm clouds are gathering over the UK property market and it may take a few months for the gloom to filter into these figures.
Rising interest rates, climbing bills and growing property prices have put a dampener on people’s desire to move as they brace themselves for a tough winter as the cost-of-living crisis continues to bite. Added to this, the fall out of the mini budget has brought further misery with mortgage rates rocketing and lenders pulling deals off the market – moves which have undermined many would-be buyers’ confidence.
Even government moves to cut Stamp Duty again – usually a hugely popular move – might not be enough to coax people back into a market that has seen real chaos in recent weeks. The hope is that the market goes into slowdown rather than a full-on crash.”