An optimal stamp duty threshold for all first-time buyers would be up to the value of £600,000, it was added.
Knight said: “Whilst last years’ Funding for Lending and Help to Buy schemes went a long way to addressing the issue of helping struggling first-time buyers onto the property ladder, we still believe that stamp duty is a significant obstacle to getting more homebuyers into their first homes.”
Help to Buy should also be tailored by postcode to reduce the growing disparity between London and the rest of the country, he stressed.
Knight added: “Some regions are more in need of a housing market boost than others, which is why we are hoping that Help to Buy by Postcode is something the chancellor looks to include a week from today.
“We are not only hoping to see an extension of the second phase of the Help to Buy, but we are also hoping for a much more targeted approach to how the scheme is operated.”