Coventry Building Society is calling for a long-term reform of stamp duty after the latest HMRC figures reveal homebuyers paid £955m in June.

The Stamp Duty Land Tax figures, published by HMRC today, show that since January buyers have paid a total of £5.4bn.

While this is still 28% lower than the £7.5bn in stamp duty receipts paid throughout the same period last year, the society says a rethink of current policy is needed.

It adds that while stamp duty offers one-time support for first time buyers, it does little to help other types of borrowers – such as downsizers – from moving.

The figures show that stamp duty for those buying an average priced home in England today, would be £2,786.

In London, the bill on an average priced home jumps to £14,184.

Coventry Building Society’s head of intermediary relationships Jonathan Stinton says: “The one-size-fits-all approach to Stamp Duty could be keeping people from moving to a property which is right for them.

“People who have recently separated could be struggling to buy a place on their own, empty-nesters could be hit with a large tax bill for downsizing, and even first time buyers could miss out on their relief if they are buying jointly with a non-first time buyer.

“The tax regime should be more considerate of the fact that people may need to go both up and down the ladder throughout their lifetime, so it needs to become less of a deterrent to move.

“Changing the thresholds has always been the go-to solution, and it’s been welcome news for buyers in the past, but today’s bills are often eye-watering and a thorough review with more focus on supporting people throughout every stage of homeownership is what’s really needed.”