The Treasury has confirmed that house buyers paid a record £5.5bn in stamp duty last year, which is an almost 50% increase compared to 2003. In fact according to the Treasury, the amount of stamp duty paid by homebuyers has risen eightfold during Labours current reign, dating back to 1997, when stamp duty revenue only raised £675m.

A Treasury spokeswoman said: "No administration has ever linked tax thresholds to price movements of any particular asset. The practice of this government is no different."