These figures, which do not include Scotland and Wales, come after the levy’s lower thresholds, on 1 April, were reset back to September 2022 levels, before the Liz Truss mini-Budget.  

The numbers come after reports earlier this week said the Chancellor Rachel Reeves is considering a new tax on the sale of properties worth over £500,000 as part of wider stamp duty and council tax changes. 

Senior ministers, who have been briefed on the proposals, have asked officials to examine how a new “proportional” property tax could be implemented and model its impact. 

It said that officials will start by examining a potential national property tax, which would look to replace stamp duty on owner-occupied homes. 

In addition, they will look at whether a local property tax could then replace council tax in the medium term, with the aim of helping local authority finances.