Money raised on residential properties during the year has grown more than 20% to reach £8bn, the bank said.

Around three-quarters of all homes purchased are expected to come under the tax, although this varies from area to area.

In London, where house prices are highest, almost all property sales will incur the tax. However, in much of northern England and Wales only around half of properties are liable.

London accounts for 42% of the £8bn total, its share of the revenue rising from 28% in 2006/07.

Two-thirds of first-time buyers in the capital are above the £250,000 threshold whereas in many areas this is only 1% or 2%.

Changes to the ‘slab structure’ of the tax made before Christmas appear to have had little effect on activity with high-value houses continuing to sell strongly.

Under the new rules all properties sold for less than £938,000 will pay the same or les stamp duty with those over this level worse off under the new structure.

“While it remains very early days, so far there are no signs of any marked changes in behaviour as a result of the changes made to stamp duty at the start of December,” the report said.

“The proportions of all sales in each of the bandings in December 2014 and January 2015 are almost identical to those in the preceding three months (September-November 2014).

“This equally applies at the top end of the market where the proportion of sales in London above £925,000 is unchanged at 9%; suggesting that the increase in stamp duty on such sales is not significantly deterring purchases in this market segment.”