Statistics from HMRC showed that compared to the same month last year, this was slightly down on the £1bn collected in stamp duty.
Analysis from Coventry Building Society found that last year, homebuyers paid £15.4bn in stamp duty, 18% higher than the £13bn paid in 2024. This owed to the change in nil-rate thresholds falling in April 2025.
Since the thresholds were changed and the start of the 2025-26 financial year, buyers have paid £14bn in stamp duty.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said stamp duty had become the “hidden cost” of moving a home and when people felt they had saved enough of a deposit, they realised they still had a tax bill to pay.
Stinton added: “The problem is the system hasn’t kept pace with house prices. The £125,000 threshold might have seemed appropriate a decade ago, but the average house price has climbed nearly £100,000 since then – meaning more people are pulled into a higher tax band by default rather than design.
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“And with the Bank of England now expected to hold the base rate rather than cut it this year, borrowing costs are likely to stay higher for longer. This only adds to the pressure on buyers already juggling mortgage rates and upfront moving costs.”
He said reforming stamp duty would give buyers “meaningful support” and updating the thresholds would stop people from being pushed into higher tax bands.
IHT bill rises to £614m
Some £614m was collected in inheritance tax (IHT), up from £537m the previous month and down from an intake of £780m the same month a year earlier.
Since April, £7.7bn has been paid in IHT, £100m more than the same period the previous year.
Will Hale, CEO of Key Equity Release, said tighter IHT rules were reshaping how advisers approached asset drawdown strategies, “with the family home playing a growing role in retirement income and intergenerational wealth transfer planning”.
He added: “With pensions set to fall into IHT calculations next April, the old drawdown sequencing rules are being rewritten and ‘which pot do we spend?’ has become one of the most consequential questions families will explore with advisers.
“Those over 55 hold £3.7trn in property equity and it’s crucial that the home forms part of wealth drawdown and legacy planning advice. Advice must include how products such as modern lifetime mortgages can form part of an efficient intergenerational wealth transfer and retirement funding strategy.”
