The Chancellor Rishi Sunak announced a major tax cut for home buyers, with a temporary waiver of Stamp Duty Land Tax for all properties valued up to £500,000.
Stamp duty is a tax paid by people buying properties, although it varies slightly across the UK.
In England and Northern Ireland buyers pay Stamp Duty Land tax.
Anyone completing a main residence costing up to £500,000 between 8th July and 31st March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
Before the announcement, stamp duty in England and Northern Ireland was paid on Land or property sold for £125,000 or more, while first time buyers did not pay any stamp duty up to £300,000.
Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules. With the availability of mortgages for those with small deposits very limited at the moment. We feel it could make purchases more feasible, potentially adding around 3% to the existing deposit.