The government's stamp duty holiday has failed to make a significant difference to first-time buyers, it has been suggested.

Paul Holmes, chief executive of Firstrung, said that if the initiative was introduced to encourage people on to the property ladder, then it has been a "desperate failure".

He claimed that price is still the biggest barrier facing those purchasing a home for the first time.

"Despite the fact that we have had a correction in house prices, it clearly isn't enough in order for first-time buyers either singularly or as a couple to take the step onto that much fabled first rung," Mr Holmes commented.

He added that the benefit of saving a few thousand pounds on a £150,000 property is not a big enough draw for many people.

In related news, FindaProperty.com recently urged the government to raise the stamp duty threshold to £250,000, meaning that approximately 61 per cent of UK properties would be exempt from the tax.

Those planning to move house could make the process less stressful by using self storage facilities.

Written by Emily Sanders