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Stamp duty reform boosting marketUK homeowners have saved £701 million in tax in six months since stamp duty overhauled last year.

Chancellor George Osborne reform of the stamp duty land tax last December has saved the average buyer £1,400 per property and helped keep the housing market buoyant, according to research from conveyancer myhomemove.

The changes have benefited anybody buying a house for less than £937,500, which accounts for around 98% of buyers.

Doug Crawford, chief executive of myhomemove, said: "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.

"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."

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