Homebuyers paid £973mn in stamp duty over the month of November, analysis by Coventry Building Society has revealed.
The analysis of HMRC figures revealed that, as a result, the year to date total of stamp duty payments equaled £10.7bn, a 27.2 per cent fall on the £14.7bn homebuyers spent in the first 11 months of 2022.
The building society additionally pointed out that the Office for Budget Responsibility has forecast a 21.9 per cent fall for this tax year in the amount of property transaction taxes paid across the UK.
Coventry explained these taxes are forecast to decrease to £13bn for the current tax year, compared with £16.7bn in the previous tax year.
These taxes include stamp duty in England and Northern Ireland as well as similar taxes in Wales and Scotland.
This fall was attributed by the OBR to “less movement in the housing market” and the temporarily increased nil-rate thresholds for stamp duty.
Coventry Building Society head of intermediary relationships, Jonathan Stinton, 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.”
Stinton described this omission as “another missed opportunity to support homebuyers”.
“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,” he warned.
Stinton also explained this means buyers would need to start saving an extra £167 per month now just to cover the tax hike on their home.
“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.”
The OBR’s forecast indicates that homebuyers will be paying £22.2bn in property taxes by 2028-29.
tom.dunstan@ft.com
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