"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."
- Verona Frankish, CEO of Yopa
Despite continued speculation surrounding a slowdown in the housing market, stamp duty receipts remain comfortably above pre-pandemic levels, demonstrating the resilience of buyer activity in recent years.
Yopa analysed monthly SDLT receipts published by HMRC between January 2018 and June 2026, comparing average monthly receipts to assess how today's market compares with previous years.
The research shows that HMRC has collected an average of £1.108bn in stamp duty receipts per month during the first six months of 2026.
Whilst this sits below the £1.285bn monthly average recorded across 2025, last year's figure was boosted by a surge in transactions ahead of the stamp duty threshold changes introduced on 1st of April 2025.
In fact, despite the widely reported cooling of the housing market, 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 when the market continued to benefit from the momentum created by the pandemic property boom.
The figures show that the average monthly SDLT receipt stood at £1.005bn in 2018 and £978m in 2019, before falling to £721m during the pandemic-hit market of 2020.
Following the introduction of the pandemic stamp duty holiday, average monthly receipts climbed to £1.098bn in 2021 before reaching a record annual average of £1.346bn in 2022, as buyers continued to complete purchases driven by exceptionally strong market conditions.
Although activity eased during 2023 (£987m) and recovered during 2024 (£1.086bn), 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.
The resilience of today's market is also reflected by monthly receipts.
The highest monthly SDLT receipt on record since 2018 came in December 2021, when HMRC collected £1.737bn during the final stages of the pandemic property boom.
However, December 2025 came remarkably close, generating £1.725bn in stamp duty receipts despite no temporary tax relief being available to buyers.
Verona Frankish, CEO of Yopa, commented: "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."
