Higher-rate stamp duty tops 50% of receipts in 164 English councils, Paragon finds

Paragon Bank analysis of HMRC data shows higher-rate additional dwelling (HRAD) transactions made up at least half of stamp duty receipts in 164 English local authorities in 2024/25, up from 62 in 2016/17 — taking the share from 22% to 56% of councils. The 5% surcharge designed to cool buy-to-let and second-home demand has instead embedded those purchases as a core source of SDLT, running above 90% of receipts in places like Hull and Sandwell. For sellers and landlords trading additional homes, that concentration raises the fiscal and political stakes around any further surcharge change. It is not a sign volumes are healthy — the rising share partly reflects softer mainstream activity and a tilt toward cheaper northern stock.