That’s according to Coventry Building Society’s analysis of latest HMRC statistics.
Despite the overall rise, the mutual found that, in May, buyers paid £918m, a decrease from the £1.3bn paid in April.
It said the fall is likely to reflect a slowdown in transactions after the nil-rate thresholds dropped from £250,000 to £125,000 on 1st April.
The tax on an average priced home is now £3,274, up from the £774 it would have been before the thresholds were halved.
Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “Homebuyers are handing over eye-watering sums in Stamp Duty. The bill for an average priced home has more than quadrupled, and that’s on top of everything else buyers are trying to cover.
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“When moving comes with thousands in tax, it can put people off making that next step – whether it’s upsizing, downsizing, or just finding a home that better suits their life. That kind of strain doesn’t just affect individual buyers, it can slow the market down for everyone.
“When Stamp Duty was first introduced – back in 1694 – it was only meant to last four years. More than 300 years later we’re still paying it in one form or another, despite the fact the housing market has changed. It’s hard to see how a tax designed for a different era is still the best fit for today’s buyers.”
