Delivering the Budget speech today, Darling said the move would mean nine out of 10 first-time buyers would pay no stamp duty.
The move comes after a stamp duty holiday – which increased the threshold from £125,000 to £175,000 – came to an end in January.
Kinleigh Folkard & Hayward director Paul Master says: “The government’s announcement to scrap the stamp duty land tax below £250,000 is a welcome help for first time buyers. With 31 per cent currently registered with KFH being first time buyers this means that there is a significant number who can save up to £2,500 in stamp duty charges.
“With over a quarter of our stock currently at or under £250,000 this extra help could be the catalyst needed to kick start the property market again.”