The simple answer is yes it is if you are looking just at the amount of revenue generated from Stamp duty land tax returns. Certainly Estate Agents I deal with who market properties that are at the upper end of the price scale seem to think so. The flip side to that argument is that the number of first time buyers has increased to the highest level for many a year. The political angle is that if the level of stamp duty land tax is cut on second or higher rate properties then the politicians who are not in power will argue that it favours the rich. As in most cases there are arguments on both sides. Personally I think that a balance needs to be struck. The most basic of laws, "supply and demand" requires that homes are available for people to live in whether they rent or buy. If there are fewer rental properties as people are reluctant to pay the higher rate of stamp duty then rents will increase. Good for landlords but bad for tenants. One thing is for certain though either way it makes for a good debate!
According to NAEA Propertymark and their subsidiary firm LCP, tax receipts for England, Wales and Northern Ireland have plummeted considerably when compared with 2017’s figures. £8.7 billion was generated from tax receipts in 2018, this is £802 million less or a decrease of 8.5% when compared with the year before.