Thanks to the Government's scheme of temporarily increasing the 0% threshold to ?175,000, as much as one third of the first time buyers did not have to pay any stamp duty in the month of September, leading to a 45% rise in the loan granted for property buyers, as had been confirmed by the Council of Mortgage Lenders.

House prices have steadily been falling over the past 18 months, and this has led to more and more properties falling under the threshold. For the current year's month of September, as many as 19,700 mortgages were granted for first-time property buyers, which is 45% more than the loans granted for same month last year. The figure is also higher than the grants approved for the month of August.

In addition, it has also been noted that around 6,200 of the mortgages approved have been used to buy properties with prices between ?125,000, which is the original threshold, and ?175,000, where the thresholds now lies. Moreover, 7,800 first time buyers, which amounts to 40% of the total number, purchased properties which were priced lower than ?125,000.

The stamp duty threshold had been increased by the Government last September and is expected to remain in place till the end of the year.