To some in the mortgage industry, the government could do more. Halifax, part of the HBOS group, is stepping a campaign to lobby for a change to stamp duty.

"The threshold has not been increased since 1993 and as a result the average first-time buyer now pays £1,300 when they purchase a home. Back in 1993, the average first-time buyer paid nothing," an HBOS spokesman said.

According to the bank's calculations, this tax take has increased tenfold since 1993, making it one of the fastest growing boosts to the exchequer. If there really was a trend to start to buy abroad, the chancellor's coffers might start to feel the pain.

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