Homebuyers paid £1.1bn in Stamp Duty in February, a 24% rise from the £848m paid in January, according to analysis of latest HMRC statistics by Coventry Building Society.

The rush in activity as buyers race to beat the upcoming tax changes, and the increased surcharge paid on second properties (which came into effect from 31 October) are likely to have been the main drivers for the rise.

Buyers now have just 10 days until 31 March, when the nil-rate threshold drops from £250,000 to £125,000 – taking the tax bill on an average priced home in England from £2,028 to £4,528.

The threshold for first time buyer relief will drop from £425,000 to £300,000. The average first time buyer home in London is £473,282, meaning the Stamp Duty bill for a typical first time buyer in the capital will shoot from £2,414 to £8,664.

Since the temporary thresholds were announced in September 2022, the Treasury has collected more than £32.3bn in property tax.

Jonathan Stinton, head of mortgage relations at Coventry Building Society, said: “Buying a home is about to get a lot more expensive. Those in the middle of the buying process will be racing against time to beat the deadline.

“Those who can’t get the keys to their new house in the next ten days need to brace themselves for a hit, potentially amounting to thousands of pounds.

“The pressure of the deadline will be felt by buyers across the market, with some having to make tough financial decisions in the weeks ahead. But the impact won’t stop on 1 April – the higher costs of Stamp Duty are likely to affect buyer behaviour for months to come.

“With buyers needing to factor in extra tax we expect to see a shift in demand, slower sales, and a knock-on effect on house prices.”