First time buyers have saved an estimated £319 million as a result of the stamp duty holiday which began in March 2010, Santander Mortgages has claimed.

The exemption, which comes to an end on 24 March this year, offers first time buyers savings of up to £2,500 and is estimated to have benefitted around 170,000 new home owners.

Santander Mortgages is urging first time buyers to act fast if they still wish to take advantage of the tax holiday, after which first time home owners can expect to pay 1% tax on property purchases between £125,000 and £250,000 and a 3% on purchases over £250,000.

Chancellor George Osborne announced the end of the holiday in the Autumn Statement last year. The government claimed that the relief has been “ineffective in increasing the number of first time buyers entering the market””.