Conservative flagship borough Westminster City Council has urged ministers to devolve stamp duty for the sake of building more affordable homes in the capital's most affluent areas.

The call comes after figures unearthed by campaigners showed London contributes nearly half the £4bn given annually to exchequer coffers, and would be the greatest potential beneficiary of plans to localise stamp duty.

A TaxPayers Alliance nationwide breakdown by local authority area shows around two thirds (65%) of homes in London pay stamp duty levied at 3% on properties worth more than £250,000.

Research compiled from Land Registry data shows that the capital contributes just under half, 45% of the £4bn raised annually in stamp duty for the exchequer, with the wider south east, south west and east of England making up 86% of the national share.