STAMP duty relief has been extended in the Budget to help first-time buyers of shared ownership properties in England and Northern Ireland.

Chancellor Philip Hammond said on Monday that 121,500 first-time buyers have already benefited from changes to stamp duty for first-time buyers introduced in last year's Budget.

He said: "Today I'm extending this relief to all first-time buyers of shared-ownership properties valued up to £500,000.

"And I will make this relief retrospective so that any first-time buyer who has made such a purchase since the last Budget will benefit."

The changes will apply to relevant transactions with an effective date on or after October 29, and will also be backdated to November 22 2017 so that those eligible who have not previously claimed first-time buyers' relief will be able to amend their return to claim a refund.

The latest announcement builds on a package of measures aiming to help fix the housing market, with steps being taken to help fresh housing supply reach 300,000 a year.

To support home ownership further, the Government is launching a call for evidence inviting proposals from investors willing to collaborate with it to deliver a new wave of shared ownership homes.

Mr Hammond also announced a further £500 million for the housing infrastructure fund to support the building of 650,000 new homes.

The Government will also publish a consultation in January 2019 on a stamp duty surcharge of 1% for non-residents buying residential property in England and Northern Ireland.

Kevin Roberts, director, Legal & General Mortgage Club, said: "This extension to shared ownership properties of up to £500,000 is very welcome news for buyers up and down the country - even better to hear that it will be applied retrospectively for home owners since the last Budget.

"The Government clearly recognises the benefits of shared ownership as a genuine option for individuals, couples and families who want to become homeowners.

"Hopefully, this exemption will now bring about even more awareness of the scheme and make it as widely recognised as other high profile tenures such as Help to Buy."

The Government also said that from April 2021, a new Help to Buy equity loan scheme will run for two years before closing in March 2023.

The Help to Buy equity loan was introduced back in 2013 and by March 2021, the Government expects to have invested around £22 billion in the scheme, supporting up to 360,000 households into home ownership.

Budget documents said housing market conditions have improved since 2013, with a growing number of low-deposit mortgages available to help first-time buyers.

The documents said the new scheme will be available for first-time buyers only, and for houses with a market value up to new regional property price caps.

These caps are set at 1.5 times the current forecast regional average first-time buyer price, up to a maximum of £600,000 in London.

The Government does not intend to introduce a further Help to Buy equity loan scheme after March 2023.

Mr Roberts continued: "Today's extension of the Help to Buy scheme to 2023 has provided much-needed clarity over the scheme.

"Not only do house builders now have more certainty for longer-term planning and building the thousands of new homes our country so desperately needs, but it also gives potential buyers who are saving for a deposit the peace of mind that they too can benefit from the scheme over the coming years."