The majority of Richmond homeowners will be subject to stamp duty of at least 3 per cent within the next five years.

Analysis by the Taxpayers’ Alliance found if George Osborne does not raise stamp duty threshold, 96 per cent of homes in Richmond will be worth enough to be subject to the 3 per cent rate or higher by 2017.

Chief executive of the Taxpayers’ Alliance Matthew Sinclair said: “Stamp duty is an unfair double tax that stops young people buying a home and starting a family, discourages elderly people from downsizing and makes it harder to move to new places for new jobs.

“The Government could cut stamp duty with a limited impact on the amount of money going into the treasury’s coffers, as lower taxes would encourage more people to move and therefore increase the number of transactions being taxed.

“Politicians should seize this golden opportunity to reduce the burden and make things easier for the hundreds of thousands of people looking to buy or sell a home each year.”

The Chancellor is raking in millions by not raising the thresholds as prices in London soar.

The analysis highlighted how stamp duty would more than treble, to £8,100, on a home if its price rose by 20 per cent to £270,000, which would take it up to the 3 per cent band.

Current stamp duty

£125,001 - £250,000: 1 per cent 
£250,001 - £500,000: 3 per cent
£500,001 - £1m: 4 per cent More than
£1m - £2m: 5 per cent
More than £2m: 7 per cent
More than £2m bought by corporate bodies: 15 per cent