Within this total, which includes taxes on sales of shares, stamp duty on property sales (stamp duty land tax or SDLT), rose by 20% over the same period to £23.9bn.

This rise was before April’s major changes to first-time buyer relief and thresholds for other buyers, which saw many more purchases caught by the tax.

Today’s report from the Office for National Statistics notes that the higher takings for stamp duty in 2024/25 are partly explained by the rush to beat April’s deadline, which saw a spike in sales in the preceding period.

It is also partially explained by an increase to the stamp duty surcharge on second homes, which was raised from 3% to 5% at the end of October 2024.

Takings from the sale of residential properties were up by 21% to £10.4bn between 2023/24 and 2024/25, while for commercial properties they were up by 15% to £3.5bn.

The total number of residential property purchases that were subject to stamp duty rose by 20% from 872,000 to over a million.

Quilter financial planner Ian Futcher says: “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.

“First-time buyers illustrate this tension most clearly. 

“Claims for First Time Buyers’ Relief jumped by 37% as many rushed to complete before the thresholds tightened in April, securing an average tax saving of around £5,000. 

“However, mortgage rates have since fallen from the levels seen in late 2024 and early 2025. 

“For those who made a knee-jerk decision to purchase under the old rules, the upfront tax saving may now be overshadowed by the fact they locked into borrowing when rates were materially higher. 

“In some cases, the additional annual interest cost could quickly erode, or even exceed, the saving they secured, meaning the timing of the purchase may not ultimately have delivered the benefit they hoped for.”

The pressure on landlords and second-home buyers has intensified too, Futcher says.

“Receipts from the higher rates on additional dwellings climbed by almost a fifth after the surcharge increased from 3% to 5%, taking the total to more than £5.4bn.

“For many investors, the tax landscape is now so onerous that the financial rationale for purchasing a property has weakened considerably, contributing to sluggish turnover in parts of the country.”