The temporary measure would remove Stamp Duty Land Tax on the purchase of homes, greatly benefiting home movers. Current homeowners who have already forked out stamp duty on their current home would greatly appreciate not having to pay stamp duty again. However, this may not benefit many Londoners, as house prices in the capital are an average of £554,663.

What is stamp duty?

Stamp duty land tax (SDLT) is an upfront payment for those buying a property or piece of land over a certain price. The previous threshold for all house-buyers in England and Northern Ireland was over £125,000, however, if you were a first-time buyer it was £300,000 and 5% on any portion between £300,000 and £500,000.

If you are a first time buyer and looking to get on the ladder check out some of our picks for best homes under £500,000.