Chancellor Philip Hammond has abolished Stamp Duty for first-time buyers on purchases of up to £300,000, and on the first £300,000 of purchases up to £500,000. Click here for a detailed report.

Some well-off first-time buyers could save as much as £11,000 if they are granted an exemption from paying stamp duty in next week’s Budget - although for the majority of first-timer buyers the savings would be far lower.

Cutting the duty to zero for buyers' first property purchase is one of the moves Chancellor Philip Hammond is expected to announce in his Budget on Wednesday 22. It could form part of a wider package of policies aimed at easing the housing crisis and helping younger buyers.

He is not expected, however, to introduce more radical changes to the stamp duty system, despite widespread calls for reform. A new study released today has found that stamp duty blocks 45,000 home purchases a year.

Stamp duty is only one hurdle facing first-time buyers. The ratio of property prices to incomes has doubled over the past 30 years.

In London, where the average first-time buyer house price is £422,380 - according to official figures - the saving resulting from a stamp duty exemption would average £11,119.