Stamp duty receipts remain “comfortably above pre-pandemic levels” demonstrating a “resilience” in the property market, according to an analysis of HMRC figures by estate agency brand Yopa.
Despite speculation surrounding a slowdown in the housing market, the agency said the average monthly SDLT receipt seen so far in 2026 remains higher than every full calendar year since 2018 and prior to 2025, with the exception of 2022 in the wake of the pandemic market boom.
Yopa’s analysis – which examined SDLT receipts published by HMRC between January 2018 and June 2026 – revealed HMRC has collected an average of £1.108 billion in stamp duty receipts per month during the first six months of 2026. The figure is slightly lower than the £1.285 billion monthly average recorded across 2025 which includes the surge in transactions ahead of the SDLT threshold changes introduced on 1st April 2025.
The highest monthly SDLT receipt on record since 2018 came in December 2021, when HMRC collected £1.737 billion during the final stages of the pandemic property boom. December 2025 came a close second, generating £1.725 billion in stamp duty receipts despite no temporary tax relief being available to buyers.
Average monthly SDLT receipt stood at £1.005 billion in 2018 and £978 million in 2019, before falling to £721 million during the pandemic-hit market of 2020. Following the reopening of the property market in May 2020, average monthly receipts climbed to £1.098 billion in 2021 before reaching a record annual average of £1.346 billion in 2022.
Activity eased during 2023 (£987 million) and recovered during 2024 (£1.086 billion). The first half of 2026 continues to outperform both years, despite buyers facing considerably higher mortgage rates and the absence of any stamp duty incentive.
Commenting on the figures Verona Frankish, CEO of Yopa, said: “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.
“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.”
