Newspaper reports that the Chancellor is looking at scrapping stamp duty are being welcomed, although the decision has not been confirmed by the Government.

Details published today in The Sun newspaper suggested that stamp duty may be scrapped altogether following the downturn in the housing market and the lack of affordability faced by first-time buyers.

Stamp duty is currently paid by those buying property, and is charged at 1% for houses between £125,001 to £250,000, 2% for a value between £250,001 to £500,000, 3% from £250,001 to £500,000 and 4% for properties over £500,001.

It is claimed that treasury officials will present their research to the Prime Minister at the end of the month.