House buyers paid £1.3bn in Stamp Duty in April, a £102m decrease from March, according to the latest HMRC data.

April was the first month since the nil-rate thresholds dropped from £250,000 to £125,000.

However, April was still the second highest month for stamp duty receipts this year, with buyers paying £848m and £1.1bn in January and February respectively.

With the nil-rate threshold now halved, individual tax bills have climbed – with the bill on average priced home rising from £2,282 to £4,782.

The current thresholds are equivalent to those introduced in 2014, when the average home in England cost £191,986. House prices have risen by more than 50% since then, but thresholds have stayed frozen – meaning far more buyers are going to be dragged into higher tax bands.

In total, so far this year homebuyers have paid £4.6bn in property tax.

Commenting on the latest figures, Coventry Building Society  head of intermediary relationships Jonathan Stinton said: “March saw a rush of buyers racing to complete before the threshold changes, yet in April buyers still paid a staggering amount in property tax.

“Some of this could be from a lag of payments, but it also shows how much buyers are being squeezed, which brings a worry of long-term strain on the market.”

He added: “When you’re juggling deposits, legal fees and moving costs, adding thousands of pounds in tax can push a move out of reach. It risks freezing people out of the market altogether – especially in higher priced areas where even modest homes now carry a hefty tax bill.

“For many, moving isn’t just about a new address – it’s tied to bigger life steps like starting a family, downsizing in retirement or getting closer to schools and support networks. When those plans get delayed, it doesn’t just affect individuals – it risks the whole market slowing down.”