The stamp duty holiday has been incredibly effective in supporting the market through these challenging times. As a direct result of all the hard work that was put into the property tax extension campaign, the Chancellor has listened and implemented a tapered end to the stamp duty holiday, confirming that the stamp duty holiday will be extended until the end of September.
The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
So far no details have been released on whether these dates will end with the hated 'cliff edge' or will be tapered to avoid a last minute disappointment for some buyers.
Making the announcement this afternoon, Sunak said: "The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we're seeing, many new purchases won't complete in time for the end of March."
Chancellor Sunak has also confirmed that there will be government-guaranteed 95 per cent mortgage loans available from next month, on the purchase of properties up to the value of £600,000.