The stamp duty threshold has been doubled to £120,000, providing a welcome boost for UK homebuyers.  

Regional house price differences mean that raising the threshold will have a greater impact in the north and west of the UK than in the south east. Martin Ellis, Halifax chief economist, said "Whenever the government has raised the stamp duty threshold in the past, it has had little or no impact on the housing market, this time is unlikely to be different."

The chancellor's announcement represents the first rise in the stamp duty threshold since 1993. Then, buyers had a much greater chance of avoiding stamp duty, with close to half a million properties in England and Wales alone costing less than £60,000. However, average UK property prices have more than doubled in the past six years while the threshold for stamp duty has remained unchanged. As a result, the number of properties incurring stamp duty has rocketed, as has the government's tax take.

Summary of new stamp duty for UK homes:
Up to £120,000 - nil
£120,001 to £250,000 - 1%
£250,001 to £500,000 - 3%
More than £500,000 - 4%.