This was the first month since the nil-rate thresholds dropped from £250,000 to £125,000.
The mutual’s analysis of latest HMRC statistics showed that April is still the second highest month for stamp duty receipts this year, with buyers paying £848m and £1.1bn in January and February.
It highlights that, despite a dip in sales after the March rush to beat the deadline, homebuyers are still contributing huge sums in property tax.
With the nil-rate threshold now halved, individual tax bills have climbed – with the bill on average priced home rising from £2,282 to £4,782.
Frozen thresholds
The current stamp duty thresholds are the same as those introduced in 2014, where the average home in England cost £191,986, said Coventry Building Society.
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House prices have risen by more than 50% since then, but thresholds have stayed frozen – meaning far more buyers are going to be dragged into higher tax bands.
Jonathan Stinton, Head of Intermediary Relationships at Coventry Building Society, said: “March saw a rush of buyers racing to complete before the threshold changes, yet in April buyers still paid a staggering amount in property tax. Some of this could be from a lag of payments, but it also shows how much buyers are being squeezed, which brings a worry of long-term strain on the market.
“When you’re juggling deposits, legal fees and moving costs, adding thousands of pounds in tax can push a move out of reach. It risks freezing people out of the market altogether – especially in higher priced areas where even modest homes now carry a hefty tax bill.”
