Accredited official statistics

Quarterly Stamp Duty Land Tax (SDLT) statistics commentary

Updated 31 October 2024

Applies to England and Northern Ireland

1. About this release

This publication provides non-seasonally adjusted quarterly statistics on receipts and transactions for Stamp Duty Land Tax (SDLT) where the transaction value is £40,000 or above. It includes the whole of the UK up to April 2015; England, Wales, and Northern Ireland from April 2015 up to April 2018; and England and Northern Ireland from April 2018 onwards.

Data is split by property type, liability threshold and price band, including transactions paying the higher rates of SDLT for additional dwellings (HRAD), Non-Resident Stamp Duty Land Tax (NRSDLT) transactions and transactions claiming First Time Buyers’ Relief (FTBR).

Effective from Q2 2022, HM Revenue and Customs (HMRC) has made improvements to the methodology for estimating HRAD and NRSDLT receipts and number of liable HRAD and NRSDLT transactions. These resulted in uplifts to both receipts and transaction numbers, and as such HRAD and NRSDLT data is no longer directly comparable to previous years.

This publication includes new SDLT return data for Q3 2024 (covering the period from 1 July to 30 September 2024), but it contains no new information on total SDLT receipts as these are published each month in the ‘HMRC tax receipts and National Insurance contributions for the UK’ publication.

These statistics are National Statistics. National Statistics are accredited official statistics. It should be noted that Q represents quarter within these statistics.

2. Headline findings

The headline findings in this quarterly report are:

2.1 Transactions

The headline transaction findings are:

• total SDLT transactions in Q3 2024 (July to September) were 15% higher than in the previous quarter, and 8% higher than in Q3 2023

• residential property transactions in Q3 2024 were 17% higher than in the previous quarter, and 9% higher than in Q3 2023

• non-residential property transactions in Q3 2024 were 2% lower than in the previous quarter, and increased by 4% compared to Q3 2023

2.2 Receipts

The headline receipts findings are:

• total SDLT receipts in Q3 2024 were 14% higher than in the previous quarter, and 6% higher than Q3 2023

• residential property receipts in Q3 2024 were 20% higher than in the previous quarter, and 5% higher than Q3 2023

• non-residential property receipts in Q3 2024 were 1% lower than in the previous quarter, and 7% higher than Q3 2023

2.3 First Time Buyers’ Relief

The headline findings for FTBR are:

• FTBR claims increased by 20% between Q2 2024 and Q3 2024 from 31,700 to 38,100. In Q3 2023 there was also an increase of 20% compared with the previous quarter.

• £186 million was relieved in Q3 2024 which represents an increase of 24% compared to Q2 2024 and an increase of 21% compared to Q3 2023

2.4 Higher rates on additional dwellings and non-UK resident surcharge

The headline HRAD and non-UK resident surcharge findings are:

• 52,600 transactions were liable to HRAD in Q3 2024, with the 3% element generating £454 million in receipts (net of refunds). This is an increase of 5% in receipts from the previous quarter, and an increase of 1% compared to Q3 2023

• the percentage of residential receipts from HRAD transactions decreased by 5 percentage points from 49% in Q2 2024 to 44% in Q3 2024. A comparison to Q3 2023 shows a decrease of 2 percentage points from 46% in Q3 2023 to 44% in Q3 2024

• the 2% surcharge on the purchase of residential properties by non-residents was charged on 4,600 transactions in Q3 2024. This is a decrease of 4% when compared to Q2 2024 which saw 4,800 transactions. A comparison to Q3 2023 shows a decrease of 6%

• in Q3 2024 the 2% surcharge on NRSDLT generated £47 million (net of refunds), compared to £50 million generated in Q2 2024. This represents a decrease of 6%

3. Summary of key definitions

3.1 Stamp Duty Land Tax

SDLT is paid on property or land purchases in England and Northern Ireland. The SDLT due depends on the purchase price, with rates and thresholds differing depending on the property type or if it is an additional dwelling. Some transactions qualify for reliefs such as FTBR.

3.2 Standard rate transactions

Refers to liable residential transactions that are not purchased as additional dwellings or purchased by non-individuals.

3.3 Liable and non-liable

Liable transactions are identified as transactions where an SDLT liability is due. Non-liable transactions still complete an SDLT return, but do not have an SDLT liability. The split between the liable and non-liable transactions is dependent on the level of the SDLT threshold. The current SDLT threshold is £250,000 for residential properties and £150,000 for non-residential properties. Residential properties under £250,000 may still be liable to SDLT if subject to either the HRAD or NRSDLT surcharge.

3.4 Price bands

Transactions under £250,000 do not include transactions valued at less than £40,000 as these transactions do not require returns and are therefore not captured in HMRC’s Stamp Duty Land Tax database. Further information can be found in the Methodology Quality Report Annual UK Stamp Tax statistics - January 2024 report published on the GOV.UK website. This document was published on 31 January 2024.

4. Key Summary

Figure 1: Total SDLT transactions and receipts have risen in Q3 2024

Figure 1 demonstrates the following quarterly trends:

• since the series began in Q4 2018, the lowest total number of SDLT transactions and total net SDLT receipts were seen in Q2 2020 when transactions and receipts fell due to COVID-19

• following the extension of the residential SDLT holiday to end in June 2021, total SDLT transactions peaked in Q2 2021 as taxpayers sought to complete transactions before the residential nil-rate band threshold reduced to £250,000 on 30 June 2021

• total net SDLT receipts reached their highest levels in Q3 2022 due to an increase in transactions and the end of the residential SDLT holiday in September 2021, increasing the amount of tax paid on most residential transactions

• the total number of SDLT transactions again increased in the latest quarter compared to Q2 2024, showing a continued rise from Q1 2024. Q1 2024 was the lowest transaction level since Q2 2020

• total net SDLT receipts in Q3 2024 also increased compared to the previous quarter, mirroring the rise in transactions

5. Quarterly Transactions

Figure 2: Residential and HRAD transactions have risen in the latest quarter, continuing a rise from the previous quarter, while non-residential transactions have slightly decreased

Figure 2 demonstrates the following quarterly trends:

• the lowest levels of residential, liable HRAD and non-residential transactions since the series began in Q4 2017 were seen in Q2 2020, when transactions fell due to COVID-19

• residential and HRAD transactions peaked in Q2 2021 as taxpayers sought to complete transactions before the end of the residential SDLT holiday in June 2021

• residential transactions and liable HRAD transactions increased in the latest quarter, continuing a rise from the previous quarter. Non-residential transactions have decreased in the latest quarter.

6. Residential transactions

Residential property refers to buildings used or suitable for use as a dwelling, or in the process of being constructed for use as a dwelling. It also includes the gardens and ground of dwellings.

The summary findings for residential transactions in this quarterly report are:

• 91% of all SDLT transactions were for residential properties in Q3 2024, this increased by 2 percentage points from Q2 2024 and increased by 1 percentage point from Q3 2023

• the number of residential property transactions in Q3 2024 was 17% higher than in the previous quarter, and 9% higher than in Q3 2023

• in Q3 2024, 55% of residential transactions were liable for SDLT, compared to 55% in Q3 2023

• liable residential transactions increased by 20% between Q2 2024 and Q3 2024 (from 118,600 to 142,400), and comparison to Q3 2023 shows an 8% rise

• 20% of liable residential transactions were valued at under £250,000. Liable transactions in this band increased by 2% from 28,500 to 29,000 when comparing Q3 2023 to Q3 2024

• comparing between Q3 2023 and Q3 2024, liable residential transactions valued between £250,000 to £500,000 have increased by 10% from 63,600 to 69,800 while liable residential transactions over £500,000 increased by 10% from 39,500 to 43,600

• non-liable residential transactions increased in Q3 2024, by 13% compared to Q2 2024 (from 103,800 to 117,200), whilst comparison to Q3 2023 shows a 9% increase (from 107,300)

7. Higher rates of SDLT for additional dwellings transactions

Additional dwellings purchased by individuals and residential property purchased by non-individuals are required to pay the standard rate of SDLT plus 3%. This applies for example to purchases of second homes and buy-to-let properties. These rates, formally known as higher rates for additional dwellings (HRAD or ‘higher rates’), were introduced in April 2016. Repayments of HRAD are available to an individual who has sold their previous main residence within 36 months of paying HRAD.

HMRC has made improvements to the methodology for estimating HRAD receipts paying 3% surcharges and number of liable HRAD transactions, effective from Q2 2022. These have resulted in uplifts to both receipts and transaction numbers from Q2 2022 onwards, and as such data is no longer directly comparable to previous years.

The summary findings for HRAD transactions in this quarterly report are:

• liable HRAD transactions increased by 4% from 50,500 in Q3 2023 to 52,600 in Q3 2024. When comparing to Q2 2024 there has been a rise of 8%

• HRAD transactions account for 37% of all liable residential transactions, this decreased by 1 percentage point compared to Q3 2023. Comparing to Q2 2024 also shows a decrease of 4 percentage points

• around 53% of HRAD transactions were under £250,000 in Q3 2024. HRAD transactions in this band increased by 3% from 27,100 in Q3 2023 to 27,800 in Q3 2024

8. Non-Resident Stamp Duty Land Tax

A 2% surcharge for NRSDLT was introduced on the purchase of properties by non-residents from 1 April 2021 (the start of Q2 2021). HM Revenue and Customs has also made improvements to the methodology for estimating NRSDLT receipts and number of liable NRSDLT transactions, effective from Q2 2022. These have resulted in uplifts to both receipts and transaction numbers from Q2 2022 onwards, and as such data is no longer directly comparable to previous years.

The summary findings for NRSDLT are:

• up to Q3 2024 there have been 68,100 transactions that have incurred the surcharge yielding £686 million of additional tax (net of refunds)

• NRSDLT transactions decreased by 6% from 4,900 in Q3 2023 to 4,600 in Q3 2024, and there was a decrease of 4% from 4,800 transactions in Q2 2024

9. First Time Buyers’ Relief

FTBR was introduced in November 2017 and applied to purchases of dwellings for £500,000 or less, provided the purchaser has never owned a property and intends to occupy the property as their only or main residence. The thresholds were increased on 23 September 2022 so that it applies to transactions of £625,000 or less with no tax payable for properties valued at £425,000 or less. Following the increase of the nil rate band threshold to £250,000 on 23 September 2022 there are fewer claims for FTBR.

The residential SDLT holiday between 8 July 2020 and 30 June 2021 meant that there was no requirement to claim FTBR. As such, we only report figures up to Q3 2020 and from Q3 2021 for this relief.

The findings for FTBR are outlined below:

• FTBR claims increased by 20% between Q2 2024 and Q3 2024 from 31,700 to 38,100. A comparison to Q3 2023 shows an increase of 20%

• £186 million was relieved in Q3 2024 which represents an increase of 24% compared to Q2 2024 and an increase of 21% compared to Q3 2023

• in the latest quarter 15% of residential transactions claimed the relief, increasing by 1 percentage point compared to the previous quarter

10. Non-residential transactions

Non-residential property includes commercial property, agricultural land, forests, any other land or property which is not residential, 6 or more residential properties bought in a single transaction, and mixed-use transactions.

The summary findings for non-residential transactions in this quarterly report are:

• non-residential transactions (liable and non-liable) increased by 4% compared to Q3 2023 (from 25,800 to 26,800), while there was a decrease of 2% from 27,300 in Q2 2024

• 69% of non-residential transactions were liable for SDLT in Q3 2024, this is an increase of 1 percentage point compared to Q2 2024

• liable non-residential transactions increased by 5% from 17,700 in Q3 2023

• there were 11,700 liable non-residential transactions under £250,000 in Q3 2024, increasing by 3% compared to Q3 2023

• over the same quarterly comparison period, transactions between £250,000 to £500,000 increased by 12%, whilst transactions valued at £500,000 and over increased from 3,700 to 4,100

11. Quarterly Receipts

Figure 3: Residential receipts have increased, mirroring a rise in residential transactions. Non-residential receipts decreased.

Figure 3 demonstrates the following quarterly trends:

• since the series started in Q4 2017, the lowest net residential receipts and net non-residential receipts were seen in Q2 2020, when residential and non-residential transactions were also at their lowest levels due to COVID-19

• net residential receipts and HRAD 3% receipts peaked in Q3 2022, coinciding with an increase in transactions and the end of the residential SDLT holiday in September 2021

• net non-residential receipts peaked in Q4 2021, coinciding with a peak in non-residential transactions in this quarter

• in the latest quarter, residential receipts have increased compared to Q2 2024

• non-residential receipts have also decreased in the latest quarter

11.1 Summary

The summary findings for receipts in this quarterly report are:

• quarterly net SDLT receipts increased by 6% between Q3 2023 and Q3 2024: £3,215 million in Q3 2023 compared to £3,400 million in Q3 2024. A comparison to Q2 2024 shows an increase of 14%

• residential SDLT receipts increased by 5% between Q3 2023 and Q3 2024: £2,460 million in Q3 2023 compared to £2,595 million in Q3 2024. A comparison to Q2 2024 shows an increase of 20%

• total receipts for transactions liable to HRAD increased by 1%, from £1,122 million in Q3 2023 to £1,137 million in Q3 2024 while comparison to Q2 2024 shows an increase of 7%

• 44% (£1,137 million) of residential receipts were from HRAD transactions in Q3 2024, of which £454 million are estimated to be from the additional 3% rate

• in Q3 2024 there was a total of 6,900 additional dwellings refunds made for which a total amount of £132 million was refunded

• non-residential receipts increased by 7%, from £760 million in Q3 2023 to £810 million in Q3 2024, while comparison to Q2 2024 shows a decrease of 1%

12. Background information - recent changes in Stamp Duty Land Tax

On 8 July 2020, the SDLT holiday was introduced. This raised the nil rate band for SDLT to £500,000 for the purchase of residential properties. On 1 April 2021, a 2% Non-Resident Stamp Duty Land Tax surcharge was introduced for non-residents who purchase residential property.

The SDLT holiday continued until 30 June 2021, after which time the nil-rate band reduced to the first £250,000 of the purchase price until 30 September 2021. Beyond this date the nil-rate band reverted to the first £125,000 of the purchase price.

On 23 September 2022, the government announced that the 2% standard rate for residential properties for the part of the property price between £125,000 and £250,000 no longer applies. The announcement also included the raising of the thresholds for FTBR so that these purchases are completely exempt for the first £425,000 of the purchase price. The total purchase price, lease premium or transfer value under which first time buyers could qualify for the relief was also increased from £500,000 to £625,000.

13. Methodology and Quality report

For key definitions, guidance and references see the published tables and the Quality report for UK Stamp Taxes Publication.

14. Contact information

Email [email protected]

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