In the first month since the final phase of the stamp duty holiday ending, revenue was slightly higher than September 2021 (£1.28bn) and 24% higher than pre-pandemic levels in October 2019 (£1.06bn), according to analysis of HMRC receipts by Coventry Building Society.

The total stamp duty revenue for 2021 so far has now reached £10.2bn, higher than the same period in both 2019 (£9.5bn) and 2020 (£6.6bn).

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “It’s not surprising that stamp duty revenue has increased compared to last month, as more homebuyers will now have to pay the tax and some buying properties in September won’t have had their bill until October.

“Plus, the demand for higher value homes, second homes and rental properties helped to push stamp duty revenues to a record high in October.

“It’s likely that activity for the rest of the year will be driven largely by remortgage business as the purchase market enters its usual quieter period and existing borrowers look to secure a low rate ahead of the expected increase to the base rate.

“But in the New Year, we expect the market to pick up again and to start to normalise after the ups and downs of the last year or so.”