Stamp duty receipts lifted 19% to £15.1bn between April and January compared to the same period last year, according to HMRC figures.
The £2.4bn rise comes ahead of an expected spike in housebuying as borrowers rush to avoid rises in the levy that take place on 1 April.
HMRC adds that the uplift in the tax between October and December is, “mainly driven by increased transaction levels”.
The current stamp duty threshold of £250,000 will halve to its previous level of £125,000 at the end of March, after Chancellor Rachel Reeves decided not to extend this temporary relief in her October Budget.
For first-time buyers, the stamp duty threshold falls to £300,000 from £425,000, while the maximum purchase price FTBs relief can be claimed on will fall to £500,000 from the current level of £625,000.
The expected busy period will also coincide with ‘work to rule’ industrial action from 4,000 Land Registry staff across 14 offices in England and Wales.
The bulk of stamp duty receipts are raised from house sales, but also include levies on stocks and other marketable securities.
Coventry Building Society has taken a granular at the government data and finds that stamp duty paid on house sales rose by £40m to £848m in January alone compared to a year ago.
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “Buying a home is about to get a lot more expensive. Those already in the middle of the buying process will be racing against time to beat the deadline.
“Those who can’t get the keys to their new house in the next five weeks need to brace themselves for a hit which could amount to thousands of pounds.
“Failing to beat the deadline may mean buyers need to eat into their savings to afford the tax hike on their home, or arrange to borrow more on their mortgage to cover the cost.
Stinton adds: “Some buyers may even attempt to renegotiate the selling price so the seller ends up taking the hit, and some potential buyers may be forced to hold off their purchases altogether.
“The pressure of the deadline will be felt by buyers across the market, with some having to make tough financial decisions in the weeks ahead.
“But the impact won’t stop on 1 April – higher costs may affect buyer behaviour for months to come. With buyers needing to factor in extra tax we could see a shift in demand, slower sales, and a knock-on effect on house prices.”
