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http://www.hmrc.gov.uk/statistics/transactions/val-40000-or-above.pdf One thing has puzzled me, how can a property market rise on a million transactions a year ? That suggests a completely broken dysfunctional Market. If the Market was normal that should be at least 2 million +...allowing people to move about every 10 years or so, as it is they are stuck in their properties for about 20 years at the current rate of sales. Demand for properties isn't that great......only a million people want to buy (well at the current crazy prices), but I reckon a couple of million (at least) would sell if they could afford to. I have long thought that stamp duty acted as a brake on house prices, and was a good thing. But the tax burden of buying may be putting vendors off the idea of moving in the first place. In order to facilitate a couple of million moves a year then the housing market would have to tank considerably from here and stamp duty would have to be removed to give them the incentive.