Properties worth more than £1m generated 50% of stamp duty land tax revenues in 2015-16, figures published today by HMRC reveal.
This represents a clear increase from 2006-07, when properties in the same financial band brought in only 36% of the surcharge.
The number of residential and non-residential property transactions where the value of property was £250,000 or less has decreased from 81% to 65% between 2006-07 and 2015-16.
The proportion of total SDLT revenues from these properties has also fallen, from 19% to 8% – an expected outcome given high levels of house price growth in recent years.
Transactions valued over £5m generated 25% of SDLT receipts over the period. These largely represent non-residential sales.
A significant 46% of stamp duty receipts in 2015-16 came from London, where house prices have risen sharply.
One single London borough – Kensington and Chelsea – contributed 7% of revenues for the country, at £514m.