Homeowners will be forced to pay an extra £1.4 billion in stamp duty on residential properties this year making a total of £5.85 billion, after Gordon Brown refused to raise thresholds on property tax in the budget.

The figure is an increase of 31 per cent in just two years as the jump in house-price inflation has left a rising number of homeowners vulnerable to the tax.

Latest figures show that total revenues from stamp duty, which is also levied on buying and selling shares, are expected to touch £14.3 billion this year, up from £10.9 billion in 2005, as the value of commercial and residential property continues to rise.

About a third of the total revenues will come from the duty incurred from buying shares, while about another third is derived from commercial property.

Tax that could give City a makeover

It is suggested that all manner of taxes be hypothecated: proceeds should fund a specific activity rather than the general exchequer pool

It follows the decision, announced by the Chancellor in Wednesday’s budget, to hold the threshold for the 1 per cent starting rate of stamp duty at £125,000.

Gordon Brown also confounded the hopes of mortgage lenders by leaving the higher bands - at which a tax of 3 per cent and 4 per cent is levied - untouched at £250,000 and £500,000.

The Chancellor has held the higher rates of stamp duty steady at its current rates since 1997, despite a corresponding 175 per cent increase in property values in that time.

House buyers in London will now pay an average stamp duty charge of £8,615, up from the £1,795 levied five years ago. It is estimated that if thresholds had been increased in line with the increase in property prices since 1997, they would now stand at £680,000 and £1.36 million.

Analysts say they expect the figures to fuel demands for a reassessment of the current thresholds.

Explore Economics

• Pre-Budget Report 2009

• Budget 2009

• World Economic Forum

• The Times MPC

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive