Stamp duty bills for buyers of average-priced homes in England are set to more than double next month since the tax on property purchases saw major changes eight years ago, according to Coventry Building Society.

House price inflation has seen the average value of a home in England hit £270,973 in July, up from £203,346 in December 2014 when the-then Chancellor George Osborne announced reforms to the property purchase tax.

And because stamp duty thresholds have not been linked to house price inflation, the extra financial burden on buyers has rocketed, says the mutual.

Its analysis of the latest Land Registry data shows the stamp duty bill for someone buying an average home in England would have been £3,548.65 in July, if the stamp duty holiday set to end in two weeks was not in force, compared to £1,566.92 in December 2014.

From 1 October, the threshold will return to £125,000 – or £300,000 for first-time buyers purchasing a property worth up to £500,000, concluding a tapered end to the current stamp duty holiday.

Prior to that, on 1 July, the stamp duty nil-rate threshold was reduced from £500,000 to £250,000 until the end of September.

Chancellor Rishi Sunak introduced the tax relief last July to revive the housing market, which had stalled following lockdown restrictions.

The building society points out that despite extended relief from the property tax buyers have still paid “substantial sums to the taxman this year”.

The latest data from HMRC shows the Treasury netted £6.7bn from stamp duty between January and July of this year.

Coventry Building Society head of intermediary relationships Jonathan Stinton says: “With demand continuing on past the end of the first threshold for the Stamp Duty holiday and the market suffering from a lack of housing stock, it’s not surprising that house prices are continuing to rise.

“What is surprising, however, is the doubling of property taxes for the average home buyer over just seven years.

The chancellor has an ideal opportunity in the Budget next month [27 October] to adjust stamp duty so that it’s better suited to today’s property market.

“The stamp duty holiday has proved that the taxman can still take a very healthy amount of revenue with a higher threshold.

“Now could be the right time to review the system and find a way to ease the burden on the average house buyer.”