HMRC figures show that homebuyers paid £973m in stamp duty in November this year, and year-to-date figures for stamp duty come to £10.7bn.
This is a 27.2 per cent decrease on the £14.7bn homebuyers spent in the 11 months of last year.
The Office for Budget Responsibility (OBR) has forecasted a nearly 22 per cent fall this year tax year to £13bn in the amount of property transaction taxes paid this year.
The OBR said that it attributes this predicted fall in tax revenue to less movement in the housing market and temporarily increased nil-rate thresholds for stamp duty. The current thresholds will stay in place until 31 March 2025.
The forecast added that homebuyers will pay £22.2bn in property taxes by 2028 to 2029.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “For a moment it looked like stamp duty was going to get a mention in the Autumn Statement, but it was sadly a false alarm and another missed opportunity to support homebuyers. Now we’ll be waiting until at least the Spring Budget to see if any changes materialise.
“Buyers are getting some temporary relief at the minute because of the extended thresholds, but in just over a year, these will be gone and the tax bill on an average priced home will jump up by £2,500. That means buyers would need to start saving an extra £167 per month now just to cover the tax hike on their home.”
He continued: “In an ideal world, there will be a long awaited stamp duty announcement next Spring, one which will put money back in buyer’s pockets and stop the tax bill on an average priced home virtually doubling overnight.”
At the end of November, Mortgage Solutions reported that Coventry Building Society had posited six ways in which stamp duty could be improved.
