Stamp Duty revenues to reach £8bn

With the tax applying on homes above £125,000, three quarters of buyers are liable to pay.

Almost all buyers in London must pay the land tax while around half in Northern England and Wales are eligible.

Since Stamp Duty was reformed from a slab structure to a progressive system in December 2014 the biggest winners in terms of the savings are buyers in London (£4,830) and the South East (£3,843).

Under the new system only buyers paying more than £938,000 lose out from the reform.

In the 2013/14 financial year 81% of Stamp Duty revenue was raised in the four regions of southern England– Greater London, South East, South West and East of England.

This exceeds their 71% share in 2007/08, when revenues reached £6.68bn,