Despite rumours of a six week extension, the stamp duty holiday is set to end on the 31 March.

The study calculated each area’s savings by estimating the average amount that each local authority in the UK pays for stamp duty based on local house values.

The local authorities with the biggest savings include Kensington and Chelsea, City of London, Richmond-upon-Thames and Haringey which all feature in the top 20.

The average house price in Kensington and Chelsea is £1,507,130, meaning that the average stamp duty owed would be £94,605.

On the other hand, the research highlighted a number of areas where the average house price is below the £125,000 threshold, meaning many homeowners in these areas generally do not pay any stamp duty.

These areas include Stoke-on-Trent, Blackpool, County Durham and Burnley.