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The Chancellor has announced that the current stamp duty holiday in England and Northern Ireland will be extended. The current £500,000 nil-rate band in England and Northern Ireland will apply until 30 June. Between 1 July and 30 September, it will be reduced to £250,000, and then from 1 October, the previous threshold of £125,000 for home movers will be reinstated. In practice, this means that people buying before 1 June will be able to save up to £15,000, while those buying between 1 July and 30 September will be able to save up to £2,500 in tax. The tax break, which was introduced in July last year, has brought a flurry of activity to the property market, with home movers buoyed by the prospect of saving up to £15,000. This rise in demand has resulted in significant delays to the home buying process, and the Chancellor has now moved to extend the relief for longer to prevent hundreds of thousands of moves falling through. It seems the market will keep booming, come on buyers time to grab your deal!

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