Stamp duty receipts rose to £1.2bn in March despite the existing holiday, the latest HMRC data shows.

The data reveals that March was the fifth biggest month since the tax was introduced 18 years. SDLT receipts were 22% higher compared to £928m in March 2020.

The number of residential properties sold in the UK hit a record high last month as buyers and sellers attempted to complete deals before the end of the stamp duty holiday.

According to HMRC, there were a record-high 180,690 transactions recorded during the month, which is double the total in March last year.

In total, £8.7bn was paid in stamp duty in the 2020-21 tax year, despite the current stamp duty holiday being in place since July last year. This is down from £11.6bn in 2019-21.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, commented: “These numbers are surprising, but anyone in the industry will know how frenetic it has been over the past few months.

“The original March deadline for the holiday would have driven a lot of people to get their house moves through last month.

“That has clearly boosted activity across the market as these tax receipts indicate higher value homes, second homes and rental properties have been exchanging hands.

“As the holiday has since been extended, we can probably expect to see this busy period continue for a while.

“Increased market activity is of course always good news for brokers, and we understand the need for speed when it comes to answering phones and dealing with queries.

“Processing cases swiftly means brokers can move on to the next piece of business while keeping strong relationships with both existing and new clients.”