HMRC says stamp tax receipts rose 8 percent year on year in the first four months of the 2026-27 tax year, even as the housing market has lost some pace and mortgage costs remain high.
The fresh point is that the gain comes after a summer in which other indicators have pointed to slower transactions and more selective buyers. HMRC’s latest bulletin, released on 21 August, suggests property tax takings are holding up better than the wider market mood implies.
Stamp tax receipts can stay firm even when activity feels softer on the ground. That points to a market where deals are still completing, tax drag remains high and acquisition costs are not easing for investors looking to expand.
HMRC says stamp taxes are still bringing in more cash
According to HMRC’s monthly tax receipts bulletin, stamp taxes were up 8 percent in cash terms between April and July compared with the same period a year earlier. The same release said total HMRC tax and NIC receipts reached £322.7 billion for the four-month period, £19.1 billion higher than a year before.
HMRC did not frame the stamp tax move as a housing market boom. Instead, the bulletin sits alongside a methodological update and wider revisions to some provisional figures. Even so, the receipts line is hard to ignore because it shows transaction-related tax is still producing more revenue for the Treasury despite weaker sentiment in parts of the market.
For landlords weighing a purchase, the contrast is awkward. House price growth has cooled and some sellers are cutting expectations, but the tax cost of moving or adding stock has not meaningfully loosened. That keeps total entry costs elevated even where negotiated purchase prices are softer.
Why the tax signal matters for landlords now
This follows Landlord Knowledge’s May report on stamp duty receipts slipping on HMRC’s April figures, which showed the post-threshold-change market cooling from last year’s stronger base. Landlord Knowledge has also covered HMRC’s recent drop in monthly property transactions. The latest receipts update complicates that picture by showing tax revenues still rising year on year even while volumes look less convincing.
One explanation is that the market is still producing enough higher-value completions to keep receipts firm. Another is that buyers and investors are adjusting rather than disappearing, accepting the tax hit where a purchase still works on yield, long-term plans or portfolio strategy.
That is the practical read for landlords. The data does not say the market is hot. It says the Treasury is still collecting strongly from property-related taxes, which is a reminder that any investment case needs to survive the full friction cost, not just the headline mortgage rate.
What this means for landlords
- If you are buying this autumn: stress-test deals against the full stamp duty bill rather than assuming softer market conditions make entry cheap.
- If you are selling and recycling capital: expect buyers to remain price-sensitive because tax still eats into acquisition maths.
- Watch for: whether later HMRC releases keep stamp tax receipts elevated if transaction numbers stay subdued.
- Bottom line: HMRC’s latest bulletin suggests property tax drag is still strong, even in a market that feels cooler than last year.
Editor’s view
Receipts are not the same thing as confidence, but they are a useful reality check. Landlords hoping a softer market would also mean a lighter tax burden are not seeing that in the HMRC numbers yet.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 24 August 2026
Sources: HM Revenue & Customs
Related reading: Stamp duty take slips 6% as HMRC April receipts soften
