The government tax body says the fall over the five-month period was driven by “fewer transactions, a rise in the nil rate threshold and more generous first-time buyer relief put in place last September”.   

In that period, mortgage approvals plunged almost 10% in July as affordability challenges continue for potential house buyers, according to the latest BoE Money & Credit data. 

The Bank’s figures showed that net mortgage approvals fell to 49,400 in July from 54,600 in June , while remortgaging approvals edged higher to 39,300 from 39,100 during the same period. 

Changes in how the tax is applied date back to former Chancellor Kwasi Kwarteng’s September tax-cutting mini-Budget, when the zero percent stamp duty tax band was permanently raised to £250,000 from £125,000.     

Also, the zero percent threshold for FTBs was raised to £425,000 from £300,000.     

However, in current Chancellor Jeremy Hunt’s November Autumn Statement he said these reductions will only remain in place until March 2025.