The new budget gives an immediate stamp duty holiday to any first-time buyer paying less than £250,000 for a property. The rate was previously 1% on homes between £125,000 and £250,000, so the temporary removal of the tax for two years will save a buyer up to £2,500.

So you might ask yourself, who qualifies as a 'first time buyer'?  Well it's not simple, so here's an interesting article from the Guardian that answers some questions...

Jonathan Detheridge from Nottingham Estate Agency GO Property Services comments "Property prices in Nottingham are now at their most competive for a decade so now looks like it could be a fantastic time for 1st time buyers to come back to the market. At the peak of the boom buyers had to offer over the odds to secure a property but there are now some real bargains in the market place. £90,000 can buy you quite a lot at the moment and the mortgage repayments would work out quite favourably with renting"