Delivering the Budget, chancellor Philip Hammond said the relief will be applied retrospectively from the previous budget (November 2017) to properties bought in England and Northern Ireland.

Last year, the chancellor raised the 0% stamp duty threshold to £300,000 from £125,000 to help first-time buyers.

Kevin Roberts, director of Legal and General Mortgage Club, said the stamp duty exemption had already helped 121,000 first-time buyers.

He added: “This extension to shared ownership properties of up to £500,000 is very welcome news for buyers up and down the country.

“The government clearly recognises the benefits of shared ownership as a genuine option for individuals, couples and families, who want to become homeowners.

“Hopefully, this exemption will now bring about even more awareness of the scheme and make it as widely recognised as other high profile tenures such as Help to Buy.”