Good news for anyone looking to buy or remortgage a property under the value of £175,000 as The Times reports the government’s plans to axe stamp duty for anyone falling under this threshold.

While the measure is likely to effect mainly first time buyers at the bottom end of the market, it will also have an impact on those seeking remortgage deals in less affluent areas, such as some parts of the North of England, Wales and Scotland, where property prices are lower, or buyers trying to get themselves the best remortgage after getting into difficulties.

The move will cost the government an estimated £600 million and will help around half a million people when it comes into effect tomorrow.

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