Money Saving Expert Martin Lewis has created a Stamp Duty calculator to help potential home buyers on their journey for their dream home.

Martin Lewis created the online tool as the government made significant changes to the Stamp Duty that homeowners pay when they buy properties.

Stamp Duty is a form of tax that applies to both freehold and leasehold properties.

In response to the coronavirus pandemic, the government increased the limit that buyers start paying Stamp Duty in England and Northern Ireland to £500,000.

Before the temporary changes were brought in, buyers wouldn't pay Stamp Duty on properties costing up to £125,000.

It would then be 2% on the next £125,000 (to £250,000) and an extra 5% from £250,001 and £925,000.

First time buyers wouldn't pay Stamp Duty on properties at or under £300,000 - but 5% on the value between £300,001 and £500,000.

Like many industries in the world, the coronavirus pandemic had a major impact on the property market.

Due to the uncertainty of people's jobs, finances and estate agents, the market took a big hit.

So this is why the government announced this significant temporary change and since it was eligible - July 8 - people buying homes across the county, including Hertfordshire, has increased.

What is the Stamp Duty calculator and how does it work?

The Stamp Duty Calculator was created to tell buyers exactly what they will pay and how it works.

From last Wednesday until March 31, 2021, buyers pay no stamp duty on the first £500,000 in England.

Now, buyers will benefit off bigger saving on pricier homes.

If you buy a £600,000 home in England, you don't pay any Stamp Duty on the first £500,000, you just pay 5% on the amount over it.

So buyers will pay 5% on the £100,000 which is £5,000 - four times less than what it would have been before the changes were introduced.

The calculator shows buyers exactly what they will be paying on a main residence only and based on where you're buying in the UK.

Up until the £925,000 mark, buyers will pay 5% on everything over £500,000 which works out to be £5,000 for every £100,000.

After £925,000, buyers pay 10% to £1,500,000 and 12% above £1.5million.

To use the Stamp Duty Calculator, click here.