Homebuyers paid £4.3bn in Stamp Duty Land Tax so far this year. This represents a fall of around 6% compared to the same period last year – according to Coventry Building Society’s analysis of HMRC figures.

The decrease comes despite more property purchases being eligible to pay tax, following changes to the nil-rate thresholds introduced on 1 April 2025. Activity earlier in 2025 may have been temporarily boosted by buyers rushing to complete purchases before the lower thresholds came into force.

The nil-rate thresholds fell from £250,000 back to £125,000 last April, meaning the tax bill on an average priced home in England increased by £2,500 overnight.

Stamp Duty for a home mover buying an average priced home in England is now, £4,500 – up from the £2,000 it would have been before the thresholds changed.

In April buyers paid £1.3bn in Stamp Duty. Buyers have now paid £16.4bn since the thresholds changed.

Commenting on the latest data Coventry BS head of intermediary relationships Jonathan Stinton, said: “When Stamp Duty goes up, activity can slow down – because you can’t turn up the tax without taking some steam out of the market. For many buyers, finding thousands of pounds for upfront costs on top of deposits, legal fees, and moving costs can be enough to rethink a move.

“Bringing more homes into the tax net might seem like an easy win for the Treasury – but if higher upfront costs discourage people from moving the overall take can actually start to fall. There’s a risk of creating a lose-lose situation where homebuyers are paying more, but the expected boost to tax receipts doesn’t fully materialise.”

He concluded: “Reforming Stamp Duty could help keep the market moving, which is especially important at a time when many households are feeling cost of living pressures. Without a change to the system, the risk is we continue to slow down a housing market that depends on people being able to move freely.”