Based on transactions data collated from the Land Registry, HMRC and CML Regulated Mortgage Survey, and assuming an average saving of around £1,580 across a total of 647,000 transactions benefiting from the changes, homebuyers in the UK could save a combined £1bn as a result of the Stamp Duty changes.

Reforms to stamp duty came into effect in England and Wales on 4 December last year; comparable changes will be implemented in Scotland on 1 April 2015.

For both England and Scotland, those looking to move up the housing ladder are most likely to benefit from the changes, though duty payable on properties over £330,000 will now be more expensive in Scotland than in England.

The average tax payable on the purchase of a home is due to fall across the UK, with the average saving for each country projected to be:

“It’s great to see the stamp duty changes making such a substantial difference to the pockets of homebuyers across the UK,” said Graham Beale, Nationwide chief executive.

“With the implementation of the new progressive approach in Scotland just around the corner, buyers across the UK will now only pay for the amount of their property value over each new threshold, a victory for fairness and another encouraging step for all those considering a move on to or further up the housing ladder.”