The plans to increase the stamp duty threshold were considered for the spring budget but rejected in favour of cuts to national insurance.

Hunt and Prime Minister Rishi Sunak have said their “long-term ambition” is to scrap national insurance entirely, but there has been no set dates for this.

The Conservatives hope further tax cuts could boost their chances at the next general election.

Hunt has said the impact of lower taxes combined with falling inflation and potentially decrease interest rates could start to have an effect on voters by the autumn.

Ministers are keen on both further cuts to national insurance and stamp duty if there is enough money available.

A senior Tory told The Times home ownership is key to driving economic growth and is “at the heart of Conservative values”.

He explained that a cut to the stamp duty would send a signal to voters that the Government “gets it” and wants to help.

Currently people begin paying stamp duty at five per cent of the value of a property over £250,000, with the rate increasing to 10 per cent beyond £925,000 and as much as 12 per cent for houses valued at more than £1.5million.

The threshold increase would benefit more people in the south of England as that is where property prices are more expensive.

Sunak is said to want to delay the election until November to ensure more time for the economy to improve.

He will set out a vision of a “new welfare settlement for Britain”, in which people will be expected to work wherever possible, in return for assistance in tackling health conditions holding them back.