For the first time, at £257,120, the average price of a residential property in London is now above the £250,000 threshold at which stamp duty is paid at 3%, according to the Halifax.

The figures mean that the average homebuyer in London would pay stamp duty of £7,714, compared with £1,535 five years ago.

The total UK residential stamp duty tax take has increased three-fold since 1999/00 from £1.8 billion to £5.5 billion in 2004/05. Three-quarters of the rise in total tax take has been due to an increase in the amount raised at the higher 3% and 4% rates. These rates are applicable on properties valued above £250,000 and £500,000 respectively.

In London, 62% of house sales (detached and semi-detached) occurred above the £250,000 threshold in 2005 ? more than double the 28% of sales above this mark in 2000.

In the South East, the proportion has risen from 18% to 43% over the past five years. The South West and East of England also experienced big rises from 5% to 24% and 8% to 29% respectively.

All regions have seen a significant increase in the percentage of sales above £250,000 since 2000. Northern Ireland (4%), North East (8%) and Wales (10%) have the lowest proportions of sales above £250,000.

Tim Crawford, Group Economist at the Halifax, commented: “The higher stamp duty thresholds have not changed in more than eight years, even though property prices have increased by 150% over this period.

More and more properties are falling into the 3% and 4% nets. As a result, the amount of stamp duty revenue raised on properties valued at more than £250,000 has quadrupled, from £0.9bn in 1999/00 to £3.7bn in 2004/05.”