The two-year Stamp Duty exemption, which comes to an end on 24 March and helped first-time buyers save up to £2,500, has helped an estimated 170,000 new home owners, Santander said.

Phil Cliff, director of Santander Mortgages, said: “Getting a foot on the ladder is a tough task for first-time buyers against the backdrop of a sluggish property market.

“Despite the availability of some very affordable mortgage deals, that extra £2,500 can make a huge difference to a financially stretched first-time home buyer.”

Bob Pannell, chief economist of the CML added it expects first-time buyer transactions to pick up as the concession end date looms nearer.

He said: “For those who miss the deadline, the credit constrained environment we find ourselves in means first-time buyers will increasingly have to fund Stamp Duty from their back pockets so the end of the concession will have a real impact.”

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The CML is among housing experts calling on the government to extend its Stamp Duty concession for first-time buyers.