The building society said under the new rules, which has seen the slab structure completely abolished, 98% of buyers will pay less or the same amount of tax.

Only those purchasing homes between £937,500 and £1,000,000 or more than £1,125,000 will pay more tax under the new structure.

Nationwide said people buying a property just over the £250,000 mark would benefit the most. It said these buyers could save as much as £5,000 in tax.

Some 86% of housing transactions in London and the South East are expected to benefit from the new marginal stamp duty regime. This compares with around 50% across the North East, North West, and Yorkshire and the Humber.

Cardiff North will see the biggest proportion of people saving money under the new rules with 85% of transactions in the parliamentary constituency set to witness a reduction.

“The London region sees the highest proportion of transactions benefiting, but also the highest proportion paying more stamp duty,” the report said.

“This reflects that house prices in the capital are substantially higher than elsewhere, meaning almost all transactions in the capital are liable for stamp duty.

“Based on 2013/14 transactions data from the Land Registry, nearly 590,000 purchasers in England & Wales would benefit under the new regime, with an average benefit of c. £1,600.”