RICS has expressed concern over the government’s timing for scrapping stamp duty relief for first time buyers.

In Parliament yesterday George Osborne did not mention the relief but in the full the Autumn Statement document the Treasury claimed it had been ineffective and would end on 24 March next year.

In a statement RICS said: “It is hardly surprising that stamp duty relief alone hasn’t increased the number of first time buyers entering the market given the lack of affordable mortgages and affordable homes on the market.