Stamp duty scrapped for most first-time buyers

A far bigger concern for first-time buyers, according the Building Societies Association, is saving for a deposit, with figures from Halifax showing the average down payment on a property was £32,899 in the first six months of 2017.

Some industry heavyweights, such as Yorkshire Building Society, have called for the tax to be levied on the seller rather than the buyer, claiming this would also help those moving up the ladder.

The tax could be deducted from the sale of the house and downsizers would make savings on the purchase of a smaller property.

Mr Hammond also said over the next five years £44bn will be committed to help the housing market and by the mid-2020s there should be 300,000 homes being built every year - the highest level since the 1970s.

Oliver Letwin was tasked with chairing a review of how land is being used for housing. 

His review will report by the spring of next year, in time for the financial statement. 

If necessary, Mr Hammond said the government will take powers to intervene to ensure land is used for housing.

He pledged one million homes for the Cambridge-Milton Keynes-Oxford corridor.