The chancellor has confirmed the extension of the stamp duty holiday beyond the end of this month which has been welcomed by most homebuyers and estate agents.

Rishi Sunak Said:

A phased end to the stamp duty holiday will turn “generation rent” into “generation buy”, Rishi Sunak claimed yesterday.

He acknowledged that many purchases would not complete before the original deadline of 31 March due to delays in the homebuying process.

Responding to calls from the industry for a tapered extension to prevent buyers facing unexpected bills, he said that the threshold for the tax to start would remain at £500,000 in England and Northern Ireland until 30 June.

After that, it will be reduced to £250,000 until 30 September, before returning to its original level of £125,000.

This tapered end to the stamp duty holiday still gives a potential saving of £2,500 to prospective home movers.