An analysis of HMRC stamp duty statistics for the second quarter of this year suggest that receipts are down 13.8 per cent, or £317m, from the same period of 2017.
Investment consultancy London Central Portfolio's analysis claims stamp duty receipts across the country are now no greater than in the third quarter of 2015.
This is despite an increase in the top rate of the duty from seven to 12 per cent, and the additional homes three per cent stamp duty surcharge.
The revenue slump, says LCP, is in large part due to a fall in transactions of 17.2 per cent over the past three years.
The consultancy also says some 52,400 buyers claimed First Time Buyers’ Relief in Q2 2018, amounting to relief estimated at £125m.
Total receipts in Q2 2018 amounted to just under £2 billion, of which the stamp duty surcharge on additional homes represented £411m.
“Despite the introduction of a slew of residential taxes, the tax take for the Revenue appears to be tailing off, with a fall of almost a third of a billion pounds this quarter compared with last year” explains Naomi Heaton, chief executive of London Central Portfolio.
“The cooling of prices as a result of these taxes, particularly amongst high value properties has not resulted in increased buying activity. Whilst greater affordability may benefit first time buyers and second steppers, it also disincentivises sellers who are not motivated to move if they see the value of their home decline” she says.
“There is a real risk that a dwindling ‘feel good’ factor together with Brexit uncertainty could depress the market further.”