Chancellor Jeremy Hunt is reported to be considering cuts to stamp duty and national insurance before the next general election in a bid to win over voters.

The Times reported that the Treasury is looking at raising the stamp duty threshold from £250,000 to £300,000 in an autumn statement ahead of the election.

This would mean that almost half of home buyers avoid the tax and save up to £2,500.

Currently, buyers start paying stamp duty at a rate of 5% of the value of a property over £250,000.

The change would cost an estimated £3bn a year by the end of the decade.

Meanwhile, The Financial Times reported that according to a Government source, the Treasury is also consider a further 2p cut to National Insurance ahead of the election.

Mortgage Strategy has contacted the Treasury for comment.