Data from Nationwide suggests that 69% of homebuyers across the UK are likely to benefit from the new Stamp Duty regime, with 29% seeing no change and just 2% likely to pay more. 

According to transactions data and assuming an average saving of around £1,580 across a total of 647,000 transactions benefiting from the changes, home buyers in the UK could save £1bn as a result of the Stamp Duty changes.

For homebuyers in England, Wales and Northern Ireland, the introduction of a progressive Stamp Duty Land Tax system came into force on 4 December 2014, while for Scottish buyers the Land and Buildings Transaction Tax changes are to be implemented on 1 April 2015.

As a result, the average tax payable on the purchase of a home is likely to fall across the UK, with the average saving projected to be around £1,600 in England, equating to £912m across the country, £1,219 in Wales (£24m), £1,622 in Scotland (£82m) and £748 in Northern Ireland (£6m).