Homebuyers have paid £5.5bn in Stamp Duty so far this year, up 25% from £4.4bn over the same period last year, according to Coventry Building Society analysis of HMRC statistics.
In May, buyers paid £918m, down from £1.3bn in April.
The drop followed the nil-rate threshold being cut from £250,000 to £125,000 on 1st April.
The tax on an average-priced home reached £3,274, compared to £774 before the threshold was 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.
“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.”
Stinton added: “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.”
