Chancellor Alistair Darling's Budget announcement is "excellent news" for first-time buyers, it has been claimed.

Richard Stone, director of SPF Sherwins, explained that under the new legislation, those buying property as part of shared ownership scheme do not have to pay stamp duty until they own 80 per cent of their home.

"This comes as a big surprise but is excellent news," he said. "This change will help affordability, potentially saving buyers thousands of pounds when they can least afford to pay it."

However, Mr Stone did warn that many buyers may choose to simply buy less than 80 per cent of their home in an attempt to avoid a bill.

Mr Stone's comments were echoed by the Scottish Widows Bank.

According to the firm, the stamp duty amendment is an example of the chancellor taking positive action to assist first-time buyers.

It stated that Mr Darling is attempting to remove some of the barriers in buying a home.

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