Rishi Sunak’s stamp duty cut has been described as a “game changer” by one home buyer who has now saved thousands of pounds.

Chris Scott, 37, from Basingstoke, Hampshire, said all parties in his chain were ready to exchange on the morning of the Chancellor’s announcement.

And for his young family, including wife Hannah and one-year-old daughter Phoenix, Mr Scott said the savings they will make due to the stamp duty cut will help significantly.

“We have lived in two new builds so far, and decided we wished to move looking to the future, for schools etc,” Mr Scott told the PA news agency.

“Whilst at it, we decided to take on a bit of a project, so £7,400 is going to be massive for us due to the amount of work we wish to do on the house.

“It’s a game changer.”

On Wednesday, Mr Sunak confirmed plans to abolish stamp duty on properties up to £500,000 in England and Northern Ireland, effective immediately.

The move was anticipated by Mr Scott, who said ahead of the announcement that a freeze would be “a massive help”.

And he believes Mr Sunak’s actions will encourage others to move house too, calling it a “great measure the Government have put in to help people”.

“I’d imagine it makes moving home for everyone a lot more appealing,” he said.

“Knowing you don’t have thousands to pay out, when you already do on estate agent fees and solicitors, it makes it more doable, so can only be seen as good thing.”