Total stamp duty receipts were 8% lower in the first quarter of this year compared to Q4 2020, shows data newly released by HMRC.

This is despite total stamp duty transactions being “similar” – 1% higher – across the same time frame while residential property transactions specifically grew 2% from Q4 2020.

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 Q2 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.”

HMRC details further: “Up to Q2 2020, there were 540,900 claims that have benefited from that relief, and the total amount relieved by these claims is £1.3bn over the period.

TMA development director Lisa Martin comments: “The first quarter of 2021 signalled a busy start to the year for the mortgage market – a fact which is reflected in today’s stamp duty land tax transactions statistics.

“We saw many more homebuyers and movers making their purchases and subsequently benefitting from the chancellor’s stamp duty holiday than during the previous quarter, which led to a further uptick in transaction figures compared to the end of 2020.

“While this demand is likely to continue over the coming months, it will also be interesting to see whether there is greater appetite from buyers to make the most of the stamp duty cut in certain regions, ahead of the initial deadline in June.

“For example, we may see a greater number of borrowers making house purchases in specific areas of the country where there’s the potential for better house price growth, while they can continue to save on stamp duty costs.”