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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 Q1 2025 (covering the period from 1 January to 31 March 2025). However, this publication 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 . It should be noted that Q1 represents quarter one within these statistics.

2. Headline findings

The headline findings in this quarterly report are:

2.1 Full financial year results for 2024 to 2025

This is the first publication with full data from 2024 to 2025. The headline findings for 2024 to 2025 are:

• total net SDLT receipts have increased by 20% and total SDLT transactions have increased by 19% in 2024 to 2025 when compared to 2023 to 2024

• the estimated amount of SDLT relieved through FTBR increased by 44% from £540m to £779m in 2024 to 2025 when compared to 2023 to 2024

• during the year 2024 to 2025, the HRAD surcharge increased from 3% to 5%. This has led to higher overall residential receipts from HRAD transactions and a larger share of total SDLT receipts coming from these transactions. Specifically, HRAD receipts paying surcharge increased by 35% from £1,692m in 2023 to 2024 up to £2,282m in 2024 to 2025

2.2 Transactions

The headline transaction findings are:

• total SDLT transactions in Q1 2025 (January to March) were 3% lower than in the previous quarter. Transactions were 42% higher than in Q1 2024 likely due to residential transactions being brought forward prior to the changes in SDLT thresholds effective from 1 April 2025

• residential property transactions in Q1 2025 were marginally lower (less than 1%) than in the previous quarter, and 47% higher than in Q1 2024

• non-residential property transactions in Q1 2025 were 23% lower than in the previous quarter, and increased by 1% compared to Q1 2024

2.3 Receipts

The headline receipts findings are:

• total SDLT receipts in Q1 2025 were 21% lower than in the previous quarter, and 35% higher than Q1 2024

• residential property receipts in Q1 2025 were 14% lower than in the previous quarter, and 49% higher than Q1 2024

• non-residential property receipts in Q1 2025 were 39% lower than in the previous quarter, and 1% lower than Q1 2024

2.4 First Time Buyers’ Relief

The headline findings for FTBR are:

• FTBR claims increased by 11% between Q4 2024 and Q1 2025 from 41,700 to 46,100. Comparing to Q1 2024 there was also an increase of 84%. This is likely due to transactions being brought forward prior to the reduction in the nil-rate band and upper limit relief thresholds effective from 1 April 2025

• £243 million was relieved in Q1 2025 which represents an increase of 20% compared to Q4 2024 and an increase of 104% compared to Q1 2024

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

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

• 53,800 transactions were liable to HRAD in Q1 2025, with the surcharge element generating £693 million in receipts (net of refunds). This is a decrease of 1% in receipts from the previous quarter, and an increase of 101% compared to Q1 2024

• the percentage of residential receipts from HRAD transactions decreased by 3 percentage points from 50% in Q4 2024 to 47% in Q1 2025. A comparison to Q1 2024 shows an increase of 1 percentage point from 49% to 50% in Q1 2025

• from 31 October 2024, the increased HRAD surcharge rate of 5% has led to higher overall residential receipts from HRAD transactions and a larger share of total SDLT receipts coming from these transactions

• the 2% surcharge on the purchase of residential properties by non-residents was charged on 4,500 transactions in Q1 2025. This is a decrease of 13% when compared to Q4 2024 which saw 5,200 transactions. A comparison to Q1 2024 shows that transaction volumes increased by 5%

• in Q1 2025 the 2% surcharge on NRSDLT generated £38 million (net of refunds), compared to £58 million generated in Q4 2024. This represents a decrease of 34%

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. As of 1 April 2025, the SDLT threshold is £125,000 for residential properties and £150,000 for non-residential properties. Residential properties under £125,000 may still be liable to SDLT if subject to either the HRAD or NRSDLT surcharge. The new thresholds do not affect data contained in this report.

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 ÒÁÈËÖ±²¥ website. This document was published on 31 January 2024.

4. Key Summary

Figure 1: Total SDLT transactions and receipts have decreased in Q1 2025

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 decreased in the latest quarter compared to Q4 2024, breaking the trend of rising transactions from Q1 2024

• total net SDLT receipts in Q1 2025 decreased compared to the previous quarter, breaking the trend in rising receipts

5. Quarterly Transactions

Figure 2: Residential and HRAD transactions have decreased in the latest quarter

Figure 2 demonstrates the following quarterly trends:

• the lowest levels of residential, liable HRAD and non-residential transactions since the current chart began 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

• in the latest quarter, residential transactions (excluding HRAD) marginally increased, while non-residential and liable HRAD transactions decreased

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:

• 92% of all SDLT transactions were for residential properties in Q1 2025, this increased by 2 percentage points from Q4 2024 and increased by 3 percentage points from Q1 2024

• the number of residential property transactions in Q1 2025 was marginally lower (less than 1%) than in the previous quarter, and 47% higher than in Q1 2024

• in Q1 2025, 56% of residential transactions were liable for SDLT, compared with 53% in Q1 2024

• liable residential transactions increased by 3% between Q4 2024 and Q1 2025 (from 154,100 to 158,000), and comparison to Q1 2024 shows a 56% rise

• 19% of liable residential transactions were valued at under £250,000. Liable transactions in this band increased by 17% from 25,800 to 30,200 when comparing Q1 2024 to Q1 2025

• comparing between Q1 2024 and Q1 2025, liable residential transactions valued between £250,000 to £500,000 have increased by 67% from 47,900 to 80,100 while liable residential transactions over £500,000 increased by 73% from 27,700 to 47,800

• non-liable residential transactions decreased in Q1 2025, by 4% compared to Q4 2024 (from 130,200 to 125,300), whilst comparison to Q1 2024 shows a 38% increase (from 91,100)

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 HRAD surcharge. This applies for example to purchases of second homes and buy-to-let properties. These 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.

At Autumn Budget 2024, HRAD surcharge was announced to increase from 3% to 5% from 31 October 2024.

HMRC has made improvements to the methodology for estimating HRAD receipts paying surcharge 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 23% from 43,600 in Q1 2024 to 53,800 in Q1 2025. When comparing to Q4 2024 there has been a fall of 6%

• HRAD transactions account for 34% of all liable residential transactions

• HRAD transactions decreased by 9 percentage points compared to Q1 2024. Comparing to Q4 2024 shows a decrease of 3 percentage points

• 54% of HRAD transactions were under £250,000 in Q1 2025. HRAD transactions in this band increased by 18% from 24,600 in Q1 2024 to 29,000 in Q1 2025

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). HMRC 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:

• since the introduction of the NRSDLT surcharge, up to Q1 2025, there have been 77,800 transactions that have incurred the surcharge, yielding £783 million of additional tax (net of refunds)

• NRSDLT transactions increased by 5% from 4,300 in Q1 2024 to 4,500 in Q1 2025, and there was a decrease of 13% from 5,200 transactions in Q4 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.

In September 2022, the FTBR nil-rate band threshold and purchase price limit increased from £300,000 and £500,000, to £425,000 and £625,000, respectively. From 1st April 2025, as legislated in the SDLT (Temporary Relief) Act 2023, these thresholds will revert to pre-September 2022 level of £300,000 and £425,000, respectively. This change does not affect data contained in this report.

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 11% between Q4 2024 and Q1 2025 from 41,700 to 46,100. A comparison to Q1 2024 shows an increase of 84%

• £243 million was relieved in Q1 2025 which represents an increase of 20% compared to Q4 2024 and an increase of 104% compared to Q1 2024

• in the latest quarter 16% 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 1% compared to Q1 2024 (from 25,000 to 25,300), while there was a decrease of 23% from 32,900 in Q4 2024.

• 70% of non-residential transactions were liable for SDLT in Q1 2025, this is an increase of 1 percentage point compared to Q4 2024

• liable non-residential transactions increased by 5% from 16,900 in Q1 2024

• there were 11,000 liable non-residential transactions under £250,000 in Q1 2025, increasing by 2% compared to Q1 2024

• over the same quarterly comparison period, transactions between £250,000 to £500,000 increased by 8%, whilst transactions valued at £500,000 and over increased from 3,600 to 4,000

11. Quarterly Receipts

Figure 3: Residential receipts have decreased. Non-residential receipts also decreased

Figure 3 demonstrates the following quarterly trends:

• since the series started in Q4 2018, 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 surcharge 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

• From 31 October 2024, the HRAD additional surcharge rate increased and this is likely to have an effect on HRAD receipts long term

• non-residential receipts have decreased in the latest quarter, mirroring the decrease in non-residential transactions

11.1 Summary

The summary findings for receipts in this quarterly report are:

• quarterly net SDLT receipts increased by 35% between Q1 2024 and Q1 2025: £2,455 million in Q1 2024 compared to £3,310 million in Q1 2025. A comparison to Q4 2024 shows a decrease of 21%

• residential SDLT receipts increased by 49% between Q1 2024 and Q1 2025: £1,740 million in Q1 2024 compared to £2,595 million in Q1 2025. A comparison to Q4 2024 shows a decrease of 14%

• total receipts for transactions liable to HRAD increased by 46%, from £839 million in Q1 2024 to £1,228 million in Q1 2025, partly attributable to higher HRAD surcharge rate as of 31 October 2024. Comparison to Q4 2024 shows a decrease of 18%

• 47% (£1,228 million) of residential receipts were from HRAD transactions in Q1 2025, of which £693 million are estimated to be from the additional surcharge rate. The increased HRAD surcharge rate of 5% is likely contributing to the higher proportion of residential receipts from HRAD transactions from previous quarters

• in Q1 2025 there was a total of 6,900 additional dwellings refunds made for which a total amount of £136 million was refunded

• non-residential receipts decreased by 1%, from £715 million in Q1 2024 to £710 million in Q1 2025, while comparison to Q4 2024 shows a decrease of 39%. Higher Q4 2024 figures are partly due to increased transaction figures

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 22 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 purchases are exempt for the first £425,000 of the purchase price, up from £300,000. 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.

The SDLT (Temporary Relief) Act 2023 legislated that the SDLT nil-rate band, and FTBR nil-rate band and FTBR purchase price limit will all revert to their pre-September 2022 levels of £125,000, £300,000 and £500,000, respectively, from 1 April 2025.

At Autumn Budget 2024, HRAD surcharge was announced to increase from 3% to 5% from 31 October 2024. This publication includes the first breakdown of HRAD receipts and transactions following the new surcharge rate.

As of 1 April 2025, the nil-rate SDLT threshold is £125,000 for residential properties and £150,000 for non-residential properties. Properties under £125,000 may still be liable to SDLT if subject to either the HRAD or NRSDLT surcharge.

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 stamptaxes.statistics@hmrc.gov.uk

Go to the following link for further Stamp duties statistics.

Go to the following link for Media Enquiries