23 Aug 2024
Official data has revealed that homebuyers paid £1.2 billion in stamp duty in July 2024.
HMRC's data showed that the latest figure is up from June's total of £1 billion, meaning that, in 2024, homebuyers have paid a total of £6.6 billion in stamp duty so far.
Experts have called on Chancellor Rachel Reeves to use the upcoming Autumn Budget on 30 October to announce changes to stamp duty that will stop the tax on the average property rising 'overnight'.
Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, said: 'The Treasury is taking in huge sums of property taxes while homebuyers are racking up the debt. A stamp duty bill can be thousands of pounds, so if people don't have that amount lying around, they'll probably need to borrow more to cover the tax on their home.
'In seven months' time, the scale is set to tip even more in the Treasury's favour, with the nil-rate band set to halve to £125,000. The Chancellor should see the October Budget as an opportunity to level the scales and announce changes [that] will stop the tax on an average-priced property jumping up by £2,500 overnight. Short-term pain for the Chancellor could result in a longer-term gain for the broader economy.'