Homeowners have saved £701million in the six months since the stamp duty system was reformed last December.

Research carried out by MyHomeMove calculates that each property buyer who bought a property for less than £937,500 saved an average of £1,400.

The changes – introduced by Chancellor George Osborne – have been predicted to save money for 98% of property purchasers.

While benefiting those purchasing cheaper properties, the new tax rates have penalised those at the higher end of the market.

The new tax of 12% on properties bought for over £1.5 million is significantly higher than the 7% charged on properties over £2 million under the previous system.

High numbers of agents expressed their relief at the overhaul after many had been calling for a new stamp duty system for many years.

The Office for Budget Responsibility calculated at the time that the new system would cost the treasury over £700m of lost tax this year.