Statistics from the National Association of Estate Agents (NAEA) shows that the proportion of first-time buyers in the UK property market has dropped from 12.6% in March to 10.3% in April, which is the lowest figure recorded since April 2006.

The NAEA believes that first time buyers are losing out on affordable properties to buy-to-let investors.

It also cited fluctuations in interest rates over the past five years as a deterrent for first-time buyers, creating major repercussions on the affordability of mortgage repayements. Stamp duty, currently at 1% for UK property priced between £125,000 and £250,000, is an additional cost for many home buyers particularly in the South East and Greater London.

Stewart Lilly, NAEA president, said: “Abolishing stamp duty for first-time buyers is one quick way the government could make a difference to this struggling group. We have continually urged for the government to make more concerned judgements for this fragile market, who are struggling to get a foothold due to this turbulent environment in which we live.”