Is the Stamp Duty Land Tax bonanza over?

The HMRC figures show that housing transactions in Q2 2018 remain at near historic lows.

Bogard continued: “These figures show that we need an urgent re-think on housing policy. The market is gummed up and SDLT is a big reason.

“A fully functioning housing market is essential to the country’s economic well-being. At the moment lack of a good stock of available housing is a massive disincentive to labour and social mobility.

“Government ‘sticking plaster’ solutions to help first time buyers are not a long-term answer. The over 50s need to be encouraged to move and free up property for growing families. Changes to the transaction tax will need a new mindset from all parties - political and home owners.

“One thing is certain, and the analysis of these latest figures carried out by the London School of Economics and Political Science is clear: the housing market needs to be re-invigorated if our housing system is to work more effectively. It is time for a courageous strategic change in our approach to taxing property.”

Christine Whitehead, emeritus professor of housing economics at LSE, added: “On the face of it the SDLT statistics look relatively buoyant - but the underlying trend in SDLT tax revenues is quite clearly downward. Moreover, the low level of transactions by existing owner-occupiers is a disaster for our hopes of a well operating housing market.”