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Home Investment Stamp Duty receipts remain robust, but storm clouds gather

Stamp Duty receipts remain robust, but storm clouds gather

by uma
  • 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.”