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Elsewhere across England and Wales, the 10% of first-time buyers that will still pay stamp duty will at least see the cost on their sale reduce by the £5,000 average. "And no stamp duty at all for 80 per cent of first-time buyers from today". It's likely to be better news for potential first-time buyers struggling to get together a deposit than for those unable to borrow enough as a result of their earnings.

Thousands of first-time buyers using shared ownership schemes are set to miss out on the Government's stamp duty exemption because the two policies clash.

You can read about the full details of the policy with the variations around the United Kingdom here.

For those properties up to £500,000, first time buyers will not be charged SDLT on the first £300,000.

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The area still paying the highest is South Bucks at £7,100 although this has reduced from £12,100, with first-time buyers in Elmbridge (£6,011), Chiltern (£5,507), Three Rivers (£5,368) and St Albans (£5,190) all also paying over £5,000. And it is a significant hurdle for all buyers, not just first-time buyers.

This is good news for buyers taking their first step on a housing journey. Most mortgages require the borrower to put up a minimum proportion of the purchase price - 5% or 10% for example.

However, Robert Joyce, director at the IFS said: "Housing is an asset".

Whilst today's reforms provide a welcome relief for some first time buyers, they do nothing to assist those already on the property ladder and little to assist those first time buyers looking to join the property ladder in London.

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This policy will not be good for them if house prices rise as the OBR suggested.

He added that some houses not otherwise in reach will become in reach as people can secure large deposits.

"Borrowing by home movers grew even more strongly, but remained below its recent peak in the first quarter of 2016, when activity was boosted by the impending increase in stamp duty". Stamp duty is a bad tax, discouraging the mobility we need in the market to move.

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