Homebuyers paid £995m in Stamp Duty Land Tax in February, up from £899m in January, according to Coventry Building Society’s analysis of the latest HMRC figures.

The mutual said the monthly total was 11% higher than in January and came as buyers continue to face higher transaction costs following last April’s reduction in nil-rate thresholds from £250,000 to £125,000.

Coventry said homebuyers paid £15.4bn in Stamp Duty over the course of last year, compared with £13bn in 2024, representing an 18% increase.

Since the threshold change took effect, buyers have paid £14bn in the tax, the lender said.

Coventry also pointed to the extent to which house price growth has altered the impact of the tax over time. It noted that the £125,000 threshold was first introduced in December 2014, when the average UK property price stood at £176,561.

Using the latest UK House Price Index data for December 2025, the lender said the average price has since risen to £270,259, an increase of more than £93,000. As a result, properties that would once have fallen comfortably below tax bands are now more likely to attract a Stamp Duty charge.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “For many buyers, Stamp Duty has become the hidden cost of moving home. Just when people think they’ve saved enough for a deposit, they realise they’re facing a tax bill which could run into thousands.

“The problem is the system hasn’t kept pace with house prices. The £125,000 threshold might have seemed appropriate a decade ago, but the average house price has climbed nearly £100k since then – meaning more people are pulled into a higher tax band by default rather than design.

“And with the Bank of England now expected to hold the base rate rather than cut it this year, borrowing costs are likely to stay higher for longer. This only adds to the pressure on buyers already juggling mortgage rates and upfront moving costs.

“Reforming Stamp Duty would give buyers meaningful support at a time when many are already stretched. Updating the thresholds would prevent buyers from being pushed into higher tax bands and allow more of their budget to go toward deposits and essential moving costs.

“It’s a practical change that would make taking the next step on the property ladder more achievable when pressures across the market continue to build.”