However, this has not produced the feedback the Chancellor was hoping for. Mortgage lenders and housing analysts have stated that this move will have little impact on those struggling to get on the property ladder.

They added that it does not address the main problem either. Currently there is a large difficulty that existing owners are having to face, whether it is moving up the ladder or downsizing.

Due to these reasons housing transactions have declined by 35 per cent since 2008.

In London the average first time buyer spends £422,000, the removal of stamp duty would not make a sizeable difference in buying a property for the first time.

Across the rest of the country the average price for a first time buyer is £200,000.

Outside of the South and East England, the exemption of stamp duty would save less than £1,000.

The whole of England still faces the same problem when it comes to property, rapidly increasing house prices and the income necessary to acquire a mortgage.

Lucy Brennan, a partner at accountancy firm Saffery Champness, said: "Once first-time buyers have saved for a deposit, stamp duty might not actually be a significant cost for them at all. In London, although the stamp duty saving seems large at an average of £11,000, compared with the cost of a deposit it's not a huge saving."

Daniel Hegarty, chief executive of online mortgage broker Habito, said: "The biggest challenge for first-time buyers in the UK is still saving for the deposit, and the combined impacts of high inflation, high rental prices and the Bank Rate hike, will make it harder still.

"Would-be home-owners will be grateful for a relief from stamp duty, but it is unlikely to make the dream of home-ownership vastly more achievable for young people."