The analysis of the official HMRC quarterly data showed that the number of house buyers paying no stamp duty increased by more than 550,000 to over 800,000 and over half of the savings, 52%, benefited those who bought properties worth over £500,000.

Savills found that the total stamp duty savings made by those in the £500,000 to £1m price bracket were almost five times higher at £2.57bn than those enjoyed by buyers of properties valued at over £1m who saved £521m.

It also found that there were 1.58m transactions in the period from June 2020 to September 2021 which is up more than a fifth than the same pre-pandemic 15-month period from June 2018-19.