It is unclear if the interest rate charge will change.

After the scheme was heavily trailed in today’s morning papers, he also confirmed the plans for a £250m scheme for first-time buyers to help 10,000 families get on the housing ladder will be funded by the bank levy.

Osborne also revealed that Stamp Duty will be based on the mean value of property in a portfolio not the bulk cost for large scale purchases, which Osborne said will raise another £1bn for UK coffers.