Leading house builder Persimmon Homes has warned that time is running out for first-time buyers wanting to save up to £2,500 in costs as the current stamp duty holiday draws to a close - but that there is still hope for people looking to enter the property market.

Claire Lambert, Persimmon Homes Midlands sales director, said: "With the average property transaction taking around six weeks to complete, buyers need to act quickly if they are to secure their new home before the March 24 deadline.

"The temporary exemption meant first-time buyers did not have to pay the one per cent tax on homes under £250,000. With this scheme coming to an end, those looking to gain a foothold on the housing ladder will need to either get moving or get saving."

However, Persimmon also takes a leading role in housing market initiatives and was awarded the largest allocation of any builder under the government's FirstBuy scheme, which aims to help first-time buyers with smaller mortgage deposits.

The company builds 10,000 new homes a year, at 400 locations nationwide. Five developments in the Midlands area currently offer properties under the FirstBuy scheme, including sites at Leighton Buzzard, Milton Keynes, Newton Leys, Calvert and Corby, with prices from just £123,960*.

Claire added: "Although there is a lot of disappointment that the stamp duty holiday is coming to an end, all is not lost. There are still a lot of options to help first-time buyers secure the keys to their dream home.

"We would urge house hunters to come along to their nearest Persimmon development and talk to our sales advisors, who will help them to find the right home and the right deal to suit their individual needs."

FirstBuy enables first time buyers to purchase their dream home with an equity loan for 20 per cent of the purchase price from Persimmon and the government, putting down a five per cent deposit and raising a mortgage for the remaining 75 per cent. There is no interest to pay on the equity loan for the first five years.