Stamp duty revenue across England, Wales and Northern Ireland has collapsed amid a slump in transaction volumes, according to analysis by investment consultancy London Central Portfolio. In Q1 2019, stamp duty receipts fell by 26.2% across the three regions, dropping £623m ($812m) to £1.7bn. Transactions fell 21.4% QoQ, to 237,240. Additional stamp duty from buy-to-let properties and second homes fell by 24.6%, as transactions were 14.7% lower, while relief transactions for first-time buyers fell by 23%. The drop was even more pronounced at local authority level, with total revenues falling by 30.4%.
Stamp duty revenue across England, Wales and Northern Ireland has collapsed amid a slump in transaction volumes, according to analysis by investment consultancy London Central Portfolio. In Q1 2019, stamp duty receipts fell by 26.2% across the three regions, dropping £623m ($812m) to £1.7bn. Transactions fell 21.4% QoQ, to 237,240. Additional stamp duty from buy-to-let properties and second homes fell by 24.6%, as transactions were 14.7% lower, while relief transactions for first-time buyers fell by 23%. The drops were attributed in part to the time of year, but also to the impact of Brexit on the housing market.