Prime Minister Boris Johnson has said a number of times in the past that he wants to overhaul stamp duty, calling it a "huge problem".

Currently, stamp duty is not payable on the first £125,000, with the rate being two percent up to £250,000.

Homebuyers will pay five percent on the value of the property up to £925,000.

From £925,001 to £1.5 million, the SDLT rate is 10 percent.

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Then, the remaining amount - meaning any portion above £1.5million, has a SDLT rate of 12 percent.

There are higher rates for additional properties.

These buyers usually need to pay three percent on top of the normal SDLT rates if they're buying a residential property which means a person will need to own more than one.

However, The Times reports that Mr Sunak is considering increasing the threshold to £500,000 for a temporary period.

Then, on any portion from £300,001 to £500,000, the rate is five percent.

However, if the price of the property is over £500,000, then the buyers follow the rules for people who have bought a home before.

A person is eligible if:

• They, and anyone else they're buying with, are first-time buyers
• They complete their purchase on or after November 22, 2017.