Stamp duty were down 6% in the year to February 2021, according to the latest data from HMRC Tax Receipts & National Insurance Contributions.

Receipts reached £775m in February 2021, £49m less than February 2020 when the figure was recorded at £824m.

HMRC is now on course to recoup £8.2bn in stamp duty this tax year despite a temporary 0% rate for up to £500,000 being in force since July.

Total HMRC receipts to February 2021 were £64.7bn lower due to VAT (£39.0bn), corporation tax (£12.7bn) and stamp taxes (£3.2bn).

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The stamp duty holiday has really helped to fuel the market over the past few months.

“However, the average home buyer isn’t going to have contributed one penny in stamp duty.

“These numbers are a sign of a healthy market across the board, where higher value homes, second homes and rental properties are also exchanging hands.”