The government made changes to the tax in December and conveyancing firm My Home Move said 98% of properties had benefited from the change.

Its study said more than £700m had been saved across all property sales in the last six months. A typical house purchase saved £1,400.

The changes were likely to benefit anyone buying a house for less than £937,500, the firm said.

Doug Crawford, CEO of My Home Move, said buyers were benefiting from the change and would continue to do so as house sales increase.

“The stamp duty reforms have saved UK home buyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the general election,” he said.

“The changes have a particularly positive impact on those struggling the most to get onto the property ladder, first-time-buyers, as they can now save more money towards a deposit for their purchase.

“Under the old ‘slab’ system, there was a substantial increase in price at the stamp duty thresholds, which the reforms have reduced significantly, leading to greater movement up the property ladder and enabling homeowners to aspire to own properties that would have previously been unobtainable.

“While there are losers from the changes, these are a small minority of buyers.  For them, the risk of a prospective ‘mansion tax’ was far greater than the increase in stamp duty. Early signs indicate that the election result has reassured buyers of higher value properties, with many estate agents reporting a buoyant market at the top.”