Property buyers can save up to £15,000 with a stamp duty holiday until next March.
On Wednesday, Chancellor Rishi Sunak announced this temporary tax break on the first £500,000 of all property sales in England and Northern Ireland.
While it will help buyer from the fallout of Covid-19 lockdown restrictions, it is also intended to give the property market a much needed kick start, which is vital to the regeneration of the economy.
And this change comes with immediate effect.
But critics said the temporary move needed to be longer.
What this means for buyers?
Anyone completing on a main residence costing up to £500,000 between 8 July and 31 March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
This may help boost the market, which according to lenders, house prices have fallen for four months in a row.
The average stamp duty bill will fall by £4,500, Chancellor Rishi Sunak has suggested, with nearly nine out of 10 people buying a main home this year paying no stamp duty at all.
Critics have responded that while this move is good, this holiday period needs to be extended to produce any real positive effect.
Diana Machin
