That means that 63% of homes would be caught by the tax if bought by a first-time buyer, based on average asking prices.

Currently in England, a first-time buyer pays no stamp duty when buying a property for up to £425,000.

But from April, this threshold is due to drop back to £300,000.

New analysis shows this is likely to see the number of homes that qualify for first-time buyer relief fall to 37%.

Around a third of first-time buyers purchase homes for more than £300,000, according to UK Finance, meaning they will be caught by the tax from April.

Since 2010, the average asking price of a home has risen by 62%, from £230,592 to £373,493.

The South West and East of England would be most impacted by the change, while the North East would be the least impacted. In London, fewer than one in ten homes would escape stamp duty from April 2025 if the threshold drops, compared to a quarter now.

Since 2010, the average asking price of a home has risen by 62%, from £230,592 to £373,493. 

That means a first-time buyer paying the average asking price would have to find an extra £3,675 for stamp duty in 2025, compared with nothing now.

Rightmove welcomes the new government proposals to help first-time buyers, its housebuilding targets and planning reforms.

The property website supports the mortgage guarantee scheme, but warns it has limitations and will only help a small number of buyers.

Rightmove is also calling calling for a government review of affordability criteria and support for lenders to innovate.

Chief executive Johan Svanstrom says: “We welcome the new government’s meaningful ambitions for increasing housing supply. 

“It should consider consumer support measures, by retaining the current first-time buyer stamp duty relief threshold of £425,000 in England, and looking at solutions to help first-time buyers with not only their deposit, but also being able to borrow enough from a lender. 

“Mobility and housing is an important growth engine for the overall economy.”

Propertymark, the trade body for estate agents and other property professionals, echoed the calls from Rightmove.

Chief executive Nathan Emerson says: “Cutting stamp duty helped many buyers take their first step onto the housing market during the pandemic.

“At a time where house prices remain unrealistic and challenging for many people, it is an important part of the process that the new government looks to help people enter the housing market and retains the stamp duty threshold.

“But there needs to be a raft of other measures to stabilise house prices too.

“The new government should also look at introducing a new scheme to replace Help to Buy, which helped many first time buyers step onto the housing ladder.”