As soon as the chancellor made the announcement we saw a huge rush of people looking at property on Rightmove/Zoopla/OnTheMarket.

But what does this mean for you?

Previously, you would have paid stamp duty on homes sold for at least £125,000, or if you were a first-time buyer, on properties sold for more than £300,000.

But Rishi Sunak has now raised this threshold to £500,000.

This means that nine out of 10 people buying a main home between now and the end of March will pay no stamp duty at all, and the average stamp duty bill will fall by £4,500.

The temporary stamp duty holiday kicked in on 8th July and it’s hoped these changes will make it easier for many of you to buy a home in the coming months.

The chancellor’s announcement on stamp duty only applies to properties in England and Northern Ireland, however.

The Scottish Government is responsible for Land and Buildings Transaction Tax in Scotland, and in Wales, buyers pay Land Transaction Tax, levied by the Welsh Government.

What are the specifics of the stamp duty holiday?

If you buy a home between now and 31st March 2021, you only start to pay stamp duty on the amount that you pay for the property above £500,000.

You can use the table below to work out the stamp duty due: