The number of home sales worth £1m or more liable for stamp duty hit a record level of 8,300 in the first quarter of the year.

These transactions jumped 9%, up from 7,600 in the final quarter of last year.

This rise comes despite overall stamp duty receipts coming in at 8% lower in the first quarter of this year compared to the last quarter of 2020, according to HMRC data released today.

On a yearly basis, stamp duty receipts increased by 1% and stamp duty transactions grew 48%.

HMRC puts the change in receipts down to the introduction of the stamp duty holiday for residential properties.

It explains: “We are only reporting figures up to the second quarter of 2020 for first-time buyers relief.

“This is because since the introduction of the residential stamp duty holiday on 8 July 2020, there is no requirement for FTBs to claim the relief.”

Search Acumen director Andy Sommerville says: “This latest data shows that the owners and buyers of prime and super-prime properties are driving a large proportion of activity in the property market.

“The sharp rise in the volume of property transactions worth £1m or more that are liable to pay stamp duty could be partly attributed to owners of high-value properties in cities selling up and purchasing homes in rural locations.

“The rapid integration of remote working practices has reduced workers’ need to live close to physical offices as they can now perform the bulk of their duties anywhere, prompting them to seek out larger homes with access to green space.

“The rush to capture the financial benefits on offer before the end of the initial stamp duty holiday on 31 March is likely to have triggered a surge in higher transaction volumes at each price band in the first quarter of 2021.

“However, the extension is unlikely to stimulate the property market to the same extent that the initial holiday has given the rush of buyers in the first wave.”

“Despite this, conveyancers have been working around the clock to clear the backlog of transactions caused by the stamp duty holiday. We are at a tipping point where we can either continue the way things are – to the detriment of lawyers’ wellbeing and the speed of transactions – or we can embrace digital once and for all.

“By adapting to new ways of working and taking advantage of the property data at the outset of the transaction process, we can create a property sector that is efficient, productive and robust.”