Stamp duty has been scrapped for all UK homes under £500,000 with immediate effect, Chancellor Rishi Sunak announced yesterday, in order to kickstart the stalled housing market.

The move is expected to benefit nine in ten homebuyers in England and Northern Ireland, saving £4,500 on the average purchase.

However, due to wide variations in house prices, the average savings that home buyers in England can typically expect to make from the stamp duty holiday vary from hundreds of pounds to as much as £15,000, according to calculations from Rightmove.

Experts have said that buyers searching for properties in more expensive areas could benefit the most from the stamp duty holiday.

And it appears London, specifically south east London, will be one of the biggest beneficiaries of the move.

Rightmove analysed average asking prices across the country in June to calculate the average saving that a buyer might expect to make from the stamp duty "nil rate" band being raised temporarily to £500,000.

And, according to the website's estimates, buyers in London could save typically save £15,000.

This compares to £10,980 in the south east, £1,638 in the north west, and just £646 in the north east.

On top of this, according to analysis by Rightmove, the biggest stamp duty savings in the capital can be found in Orpington, Bromley.

The average asking price in the south-east London area is £497,852 and buyers could save £14,893 through the stamp duty holiday, the research showed.

Also on the list of top ten areas with the largest potential savings in the capital is Sydenham in Lewisham which offers £14,648 potential savings, and Blackfen in Bexley, which offers £13,501.

Deptford, also in Lewisham bordering Greenwich, offers £13,283 and Biggin Hill in Bromley offers £13,935.

Burnt Oak, Barnet, where asking prices are around £497,839 on average, could offer the second largest saving of £14,892, followed by Chingford in Waltham Forest where buyers could save £14,673.

Outside of London, the south east dominates the list of areas where the biggest stamp duty holiday savings could be made.