UK homebuyers have collectively saved £1.9bn since Stamp Duty Land Tax was reformed in December last year.

The calculation, by conveyancing firm My Home Move, was made by analysing transactions it dealt with between December 4 last year and November 27 this year.

Its analysis shows that homebuyers are saving an average of £1,500 each since the reforms.

The reforms abolished the old ‘slab’ system of Stamp Duty and benefited anyone purchasing a home priced under £937,500.

Almost nine in ten (87%) of estate agents recently polled by My Home Move said that last year’s Stamp Duty changes have had a positive impact on the market.

Doug Crawford, CEO of My Home Move, said: “The big winners from the changes have been the first-time buyers and second steppers who have really struggled from price hikes due to a lack of housing stock. The old ‘slab’ system was ripe for reform as it was creating a stranglehold over the market, especially where property prices neared the Stamp Duty thresholds, and in particular around the £250,000 mark.”