Stamp Duty for first-time buyers on properties up to £300,000 was abolished in the 2017 Autumn Budget, and it is estimated that the policy will assist over one million people with house ownership over the next five years.

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Mel Stride, financial secretary to the Treasury, said: “I’m proud that the cut to stamp duty for first-time buyers is helping to realise the dream of home ownership for a new generation, alongside building more homes in the right areas, and generous schemes such as the Lifetime Isa and Help to Buy.”

The government has also announced that over 387,000 people have now used the government’s Help to Buy scheme.

Over 1.1 million accounts have been opened with the Help to Buy Isa, which provides government bonuses of up to £3,000.

“It’s good to see a record number of people benefiting from our Help to Buy equity loan, so they can realise their dream of home ownership,” said housing minister Dominic Raab.

“Through this scheme we have helped almost 159,000 households get a foot on the housing ladder.”