“The stamp duty threshold has not kept up with inflation and it needs to be raised. We would also like stamp duty to be applied more evenly, so you don’t get these sudden nasty jumps from one to three then four per cent.

“The Government has made billions from this in the past few years. Now it’s time some of  that went back into helping the housing market.’’

Both issues will be addressed in a report being published today by Sir Bryan Carsberg, former head of the Office of Fair Trading, who was commissioned by the Royal Institution of Chartered Surveyors, the National Association of Estate Agents and Association of Residential Letting Agents.

A summary of responses to a consultation carried out for the review showed the “overwhelming majority” of consumers disliked stamp duty and thought it was the “worst value for money’’.

One respondent noted that as much as 80p in every £1 spent by someone when they moved house went to the Government. The summary added: “Respondents felt that consumers did not gain from HIPs. Several agents said buyers were not even asking to see the HIP.’’ Mr Wood added: “The vast majority are written in legal gobbledygook that most people won’t be able to understand.” Consumer group Which? said support for HIPs had fallen from 47 per cent of consumers in 2004 to 11 per cent  in 2007.

Stamp duty is one per cent of house value on properties costing £125,001 to £250,000, then leaps to three per cent for anything worth more, climbing to four per cent for properties worth more than £500,000.

Mr Wood said houses worth even a little over £250,000 are now hard to sell, because it meant a £7,500 bill for the buyer. He added: “At the very least, you should just pay a higher rate on the value of the house above that threshold, not on the full whack.’’

The Conservatives have pledged to scrap stamp duty for first-time buyers of homes worth under £250,000, and to axe HIPs.

A spokesman for the Communities and Local Government Department said: “Alongside the development of a new industry code, we will continue to work to promote higher and consistent standards of practice on the delivery of HIPs.”

The Treasury said stamp duty was “under review”.