Stamp-duty revenue is tumbling after years of being a reliable cash source for the government as house prices in London and the southeast start to slow.
HM Revenue & Customs figures show that the revenue fell to £3.91bn in the four months to July, 10% down on the same period last year. Stamp-duty revenue hit a record £9.5bn last year, with £2bn of it from a new tax on second homes and buy-to-let properties.
Estate agents say that buyers in the region were reaching the peak of what they were willing to pay and sellers were taking their homes off the market.
