The April budget brings good news for first time buyers purchasing a property under £250k as they are no longer required to pay stamp duty.

This will save some first time buyers up to £2,500 and will take effect immediately - the stamp duty holiday will last for two years.

The Chancellor Alistair Darling said: "The housing market has now stabilised and has begun a slow recovery. But many first time buyers, particularly those without large deposits, still find it hard to get a mortgage. I want to help them, but do so in a way that is properly funded."

In order to fund the stamp duty abolishment, buyers purchasing homes costing £1m or more will have to pay 5% in the tax duty - a minimum of £50,000 in tax. This new policy will come into force next April.

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SmartShare has the largest selection of affordable homes in the UK to buy or rent including shared ownership and part buy part rent properties.