Stamp duty sums see sharp increase in Q3
The latest Gov figures on stamp duty tax receipts show that: –
- Transactions increased by 14% from 268,400 in Q2 2019 to 305,100 in Q3 2019. This is a similar increase to last year.
- Q3 2019 receipts were £3,150 million, 20% higher than in Q2, a sharper increase than for last year. This is due to a 25% rise in residential receipts and a 7% rise in non-residential receipts. Both transactions and receipts have stayed broadly the same in Q3 2018 and Q3 2019.
- 61,200 transactions claimed first time buyers’ relief in Q3 2019, making a total of 401,900 claims since the relief’s introduction. The estimated total amount relieved over that period is £955 million.
Please find below comment from Marc von Grundherr, director of lettings and estate agent, Benham and Reeves.
Director of Benham and Reeves, Marc von Grundherr, commented:
“A healthy increase in stamp duty tax receipts demonstrates the slow but steady property landscape we’ve seen over the course of the year.
While price growth may have stuttered, we continue to see sales transact and while many first-time buyers have benefited from stamp duty relief, many other homebuyers will still be wondering why they are still forced to pay an archaic land tax introduced to fund a war against France.
Albeit, in the current context of Brexit, some might argue we are indeed still ‘at war’.”