HMRC data shows average monthly collections of £1.1 billion in H1 2026, outperforming most years since 2018
Stamp Duty Land Tax (SDLT) receipts have held above pre-pandemic levels in the first half of 2026, according to new research from estate agency Yopa, suggesting buyer activity remains resilient despite higher mortgage rates and the removal of temporary tax relief.
Estate agency Yopa analysed monthly SDLT receipts published by HM Revenue & Customs from January 2018 to June 2026, comparing average monthly figures across years to gauge current market conditions against historical norms.
HMRC collected an average of £1.108 billion per month in stamp duty during the first six months of 2026. This falls short of the £1.285 billion monthly average recorded across 2025, though last year's figure was inflated by a rush of transactions completed ahead of the threshold changes that took effect on 1 April 2025.
Excluding 2022 and 2025, the 2026 average outperforms every full calendar year since 2018. Average monthly receipts stood at £1.005 billion in 2018 and £978 million in 2019, before dropping to £721 million in the pandemic-affected market of 2020. The stamp duty holiday subsequently pushed the average to £1.098 billion in 2021, followed by a record £1.346 billion in 2022 as buyers completed transactions driven by exceptional demand. Receipts then eased to £987 million in 2023 before recovering to £1.086 billion in 2024.
At the monthly level, the highest SDLT receipt since 2018 was recorded in December 2021 at £1.737 billion, during the final stages of the pandemic property boom. December 2025 came close, generating £1.725 billion without any temporary tax relief in place.
"There's been no shortage of headlines suggesting the housing market has lost momentum over the last couple of years, but Stamp Duty receipts paint a far more balanced picture," said Verona Frankish (pictured right), chief executive of Yopa.
"Whilst today's market isn't operating at the same fever pitch seen during the pandemic, transaction levels have remained remarkably resilient when viewed against historic norms. Buyers are navigating higher mortgage rates and greater affordability pressures, yet people continue to move home because life's major milestones don't stop.
"It's also important to recognise that last year's Stamp Duty figures were boosted by buyers rushing to complete before the April threshold changes came into effect. Against that backdrop, the performance we're seeing so far in 2026 is particularly encouraging, as it suggests the market is capable of sustaining healthy levels of activity without relying on temporary tax incentives.
"That's a positive sign for the long-term health of the housing market, as stability is ultimately far more valuable than the short-lived spikes in activity created by government intervention."
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