According to the data, the number of transactions liable for stamp duty land tax between July and September was up by 15 per cent on the previous quarter. That follows two straight quarters of transaction falls.
However, this represented a drop of 17 per cent year-on-year.
Looking specifically at residential transactions, the total was up by 18 per cent on the previous quarter but down by the same percentage on the third quarter of last year.
As a result of the higher transaction levels, receipts from stamp duty land tax increased by 17 per cent from the previous quarter, though this was down by 29 per cent on an annual basis.
HMRC said that the decline in receipts compared with the same period last year was “driven by a combination of lower transaction volumes, the increase in the nil rate threshold to £250,000 and increase in generosity of First Time Buyers’ Relief from September 2022”.
This is borne out by the fact that in the latest quarter 55 per cent of residential transactions were liable for stamp duty, compared with 72 per cent a year ago.
The data found that the number of property transactions liable for the higher rate of stamp duty, due to being the purchase of an additional purchase, increased by eight per cent from the previous quarter. That meant a total of around 50,600, though this was starkly from the 65,000 record a year ago.
There has been speculation that the government is considering a stamp duty cut in the upcoming Autumn Statement.
An effective earner
Adrian Lowery, financial analyst at wealth manager Evelyn Partners, said that stamp duty receipts had been “resilient” in the quarter, demonstrating what an effective revenue earner the tax is for the Treasury.
He continued: “The slowdown in the housing market was confirmed just yesterday by data showing falling mortgage approvals and lending in September, so it’s a bit of a surprise that there is a rising number of property transactions subject to stamp duty land tax, and rising receipts.
“Perhaps those who have been looking to sell this year have been spooked by the prospect of further house price falls and rushed to accept offers and get their deals over the line?”
