Stamp Duty receipts for May were £652m, down by around a third on April’s figure but 81% higher than May 2020.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “With HMRC’s revenues still going strong in the wake of the stamp duty holiday, higher value properties, second homes and rental properties are all clearly still a big part of the market.

“And the so-called ‘pandemic boom’, which has seen house asking prices hit record levels across every region of Great Britain will be having an impact on the taxman’s coffers too.

“If the taxman is still getting a healthy pay day from stamp duty even with this holiday, perhaps keeping the threshold high would help to normalise the market and take at least some of the financial burden off of the average homebuyer.”