Stamp Duty receipts have remained relatively strong in 2026, despite signs that the UK housing market has cooled. HMRC collected an average of £1.108 billion per month during the first half of the year, according to research from Yopa.
While this is lower than the £1.285 billion monthly average recorded in 2025, the previous year was unusually strong as buyers rushed to complete purchases before Stamp Duty thresholds changed on 1 April.
The 2026 figure is still higher than the average recorded in every full calendar year since 2018, apart from 2022. Yopa reached its findings after analysing HMRC data on monthly Stamp Duty Land Tax receipts from January 2018 to June 2026.
Housing Market Remains Resilient
Yopa chief executive Verona Frankish said Stamp Duty receipts suggest the housing market has been more resilient than some recent headlines may suggest.
Although activity is well below the levels seen during the pandemic property boom, transaction levels remain relatively strong compared with historical figures.
Higher mortgage rates and affordability pressures continue to affect buyers, but demand has not disappeared. People still need to move for reasons such as changing jobs, starting families or other major life events.
The figures also need to be viewed in context, as 2025 saw a temporary boost from buyers completing purchases before the Stamp Duty threshold changes came into effect.
How Stamp Duty Receipts Have Changed
HMRC’s figures show how monthly Stamp Duty receipts have varied over recent years:
- 2018: £1.005 billion average per month
- 2019: £978 million
- 2020: £721 million
- 2021: £1.098 billion
- 2022: £1.346 billion
- 2023: £987 million
- 2024: £1.086 billion
- 2025: £1.285 billion
- First half of 2026: £1.108 billion
Despite higher borrowing costs and the absence of temporary Stamp Duty incentives, the 2026 average remains above the levels recorded in 2023 and 2024.
Property Transactions Continue
The highest monthly Stamp Duty receipt since 2018 was £1.737 billion in December 2021, as the housing market was still benefiting from the pandemic-era boom.
December 2025 recorded £1.725 billion, coming close to that previous high even without temporary Stamp Duty relief.
The figures suggest that property transactions have continued at a reasonable level despite higher mortgage costs, affordability concerns and changes to Stamp Duty thresholds.
For landlords, homeowners and property investors, the data provides another indication that the UK housing market may be slowing rather than experiencing a major collapse in activity.
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