Stamp duty Land Tax (SDLT) receipts have fallen by 25% between the 2019/20 and 2020/21 tax years, new HMRC figures have revealed.
Receipts fell from £11.60bn to £8.67bn over the period, which HMRC stated was due to a combination of COVID-19 restrictions and the introduction of the stamp duty holiday in July 2020.
Residential Stamp duty Land Tax (SDLT) receipts fell by 29% over the same period, with receipts falling from £8.42bn to £6.01bn, while non-residential SDLT receipts decreased by 16%, from £3.18bn to £2.66bn.
The figures showed that properties valued at £250,000 or less accounted for 51% of all transactions, a level 8% lower than in 2019/20. These properties accounted for 11% of total SDLT receipts, which was the same as 2019/20.
HMRC also revealed that properties valued at over £1m accounted for 3% of all transactions which was no change from 2019/20, and these properties accounted for 57% of total SDLT receipts – a total 12% higher than in 2019/20.
Commenting on the data, Quilter mortgage expert, Karen Noye, said: “When compared with the huge number of property transactions that have been taking place, you can see how effective the holiday has been in attracting buyers to market at an economically turbulent time.
“While the massive changes to our working lives will have played a role in people’s decision to up sticks, the stamp duty holiday really gave people the impetus to make the move. Without the holiday many might have adopted a wait and see approach.
“However, the consequence of so many people choosing to take advantage of the holiday is that house prices have skyrocketed. With the stamp duty holiday now completely off the table there is likely to be a deflation in house prices.”
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