Residential stamp duty land tax receipts across England rose by 1 per cent to £8,420 million in the year to April 2020 from £8,370 million the year before.

According to data from HM Revenue and Customs, the number of residential transactions slipped by 1 per cent to 1,023,000 from 1,036,000 over the same timescales.

Homes that sold for less than £250,000, accounted for 10 per cent of residential property receipts and 57 per cent of residential transactions.

First-time buyers purchasing properties under £300,00 do not have to pay stamp duty but will pay 5% on any portion between £300,001 and £500,000.

This stamp duty exemption has saved FTBs an estimated £541 million in the year to April 2020.

There were 222,700 transactions benefited from first time buyers’ relief, an increase on the year before at 218,900.

Jackson-Stops chairman Nick Leeming says next year’s transaction figures are likely to show a very different picture.

He comments: “Currently, hundreds of thousands of buyers and sellers are rushing to beat the impending 31 March stamp duty holiday deadline.

“There’s no denying the stamp duty holiday has had its desired effect on the market. On the ground, we’ve seen a notable uptick in activity across every branch, with sales agreed last month amongst the highest on record across the Jackson-Stops network.

“The knock-on effect an active property market has on the wider economy is hugely significant, particularly at a time when businesses need people to spend.

“Yet, with latest data from Zoopla showing that 140,000 more buyers are presently waiting to complete their property transactions compared to this time last year, this stampede of activity is now resulting in delays from mortgage advisors, with lenders and conveyancers coming under immense pressure.

“With a no-deal Brexit on the cards and both the stamp duty holiday and the current Help to Buy scheme soon coming to a close, there needs to be urgent measures put in place to prevent another cliff edge.

“Further support is needed from Government to avoid a chaotic and abrupt halt in activity at the beginning of next year and keep the market moving at a time when the economy needs it the most.”