Stamp duty receipts for homebuyers tumbled 24% to £11.6bn in the year to March, reflecting the fall in home transactions over the last 12 months.

UK property transactions fell by more than a fifth to 1.2 million homes in the year to March, while mortgage lending last year was down 23% to £130bn, according to UK Finance.

But last month as the market picks up this year, stamp duty charges for homebuyers lifted 10.6% to £864 from February, shows Coventry Building Society’s analysis of HMRC data.

These figures come as weekend reports say Chancellor Jeremy Hunt is reported to be considering cuts to stamp duty before the next general election in a bid to attract voters.

The Times reported that the Treasury is looking at raising the stamp duty threshold from £250,000 to £300,000 in an Autumn Statement ahead of the election.

This would mean that almost half of home buyers avoid the tax and save up to £2,500.

Currently, buyers start paying stamp duty at a rate of 5% of the value of a property over £250,000.

The change would cost an estimated £3bn a year by the end of the decade.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “The Treasury has taken an almost £4bn hit because there were roughly 200,000 fewer property transactions last year.

“But the tax burden for homebuyers hasn’t lightened at all, they are still paying thousands of pounds to move home.

Stinton adds: “Once again the rumours have started circling that there could be a cut to Stamp duty in the Autumn Statement, but we’ve heard that one so many times it now feels like the Treasury crying wolf.

“Signalling a cut to stamp duty could make future buyers hold fire on their purchase, which may all be for nothing if the rumours don’t amount to anything concrete.

“What buyers need is a definitive review of stamp duty, one which also addresses other issues like support for downsizers or helping to make homes more energy efficient, rather than using it like a political beach ball to score votes.”