The Treasury has claimed that over the next five years, the cut in stamp duty will help over one million people getting onto the housing ladder.

121,500 first-time buyers have saved a total of £284,000,000 due to cut to stamp duty, according to official statistics released today, which cover the period until 30th June this year.

First time buyers purchasing homes of £300,000 and under now pay no stamp duty at all, and those who have bought properties of up to £500,000 will also have benefited from a stamp duty cut.

Mel Stride, Financial Secretary to the Treasury, said: “Once again, we can see that our cut to stamp duty for first-time buyers is helping to make the dream of home ownership a reality for a new generation – exactly as we intended.

“In addition, we’re building more homes in the right areas, and have introduced generous schemes such as the Lifetime ISA and Help to Buy.”