The Treasury received a record £2.7 billion in stamp duty last year, according to figures which the Inland Revenue released yesterday.

The amount - more than half of which came from London and the South East - is up by almost 20 per cent on the previous 12 months.

A survey by the Nationwide building society warned the rate of price rises has now locked out first time buyers and public sector workers.

It also warned people are now deterred from moving up to larger properties.