The total figure of Stamp Duty Land Tax (SDLT) transactions climbed by 9% in the second quarter of 2021, new HMRC data has revealed.

The second quarter also saw a jump of 165% compared to Q2 2020, just before the stamp duty holiday was introduced in July last year.

HMRC stated that the 2% surcharge on the purchase of properties by non-residents was introduced on 1 April and that to date, this has resulted in 2,700 transactions paying £19m.

Non-residential property transactions in the second quarter were 12% higher than in Q1, and 79% higher than in Q2 2020.

Commenting on the data, Smartr365 CEO, Conor Murphy, said: “The stamp duty holiday lit up what was an already heated property market and today’s encouraging findings reinforce just how instrumental this initiative has been in creating the busiest H1 on record.

“The stamp duty holiday has positioned the property market as a key driver in the UK’s economic recovery and thankfully enabled many in the industry to retain their jobs. Most remarkably, the break has created a golden opportunity for both first-time buyers and second-steppers to move onto or up the property ladder, when they otherwise would not have had the financial means to do so.

“However, with just eight weeks until the tax break draws to a close, the government should now plan how it will support buyers in its wake. Permanent reductions to stamp duty will help ensure homeownership remains an accessible venture and that the market retains its buoyancy come the end of September. It is crucial that this period of greater accessibility and heightened demand is not just a flash in the pan.”

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