Orbit Homebuy Agents report that they have seen a significant increase in the volume of first time buyers purchasing new homes ahead of the end of the "stamp duty holiday" which ends in March.

Orbit HomeBuy Agents saw a record 175 new homes go through to completion last month through HomeBuy - the government's affordable housing scheme.

The stamp duty holiday, which ends on 24th March, means first-time buyers are free from the 1% stamp duty on flats and houses for sale costing under £250,000.

Karen Coleman of Orbit Homes said they'd seen a big increase in applications from aspiring homeowners, keen to open the door to their new home, before the end of March, to avoid paying the tax.

Coleman said: "Lots of our first time buyers who bought their homes through the HomeBuy Scheme have come back to us, saying they've saved a lot of money by getting in early and not having to pay stamp duty.

"Many of our applicants say until they heard about HomeBuy they didn't think they'd ever to able to afford their own home and that they'd be renting forever. They've been amazed at how affordable buying a house is and the stamp duty holiday has been an extra bonus for them."

FirstBuy is one of the products which allow buyers to purchase brand new homes for a minimum of 80% of the market value. Equity loans of up to 20%, which are interest free for the first five years, are provided jointly by the house builder and the government.

Coleman adds: "One family say they've saved around £1,000 by getting in before the end of March. They were over the moon as this means they've been able to afford the dining room furniture they had their eye on."