If you’re planning to get on the property ladder, don’t hang around too long.

From now until 31st March next year anyone buying a home will pay zero stamp duty on their purchase whether you are a first time buyer or not.

This taxation holiday is extended to anyone buying a home under £500,000, which used to only apply to properties under £125,000.

It was unveiled in Chancellor Rishi Sunak’s mini-budget on 8th July, cutting the average stamp duty bill by £4,500, and meaning that nine out of ten house buyers pay no stamp duty at all.

But if you you’re seriously stacked and your first home costs more than £500,00 then the Chancellor is less kind, and you’ll pay stamp duty of 8 per cent on the next £425,000, 13 per cent on the next £575,000 and 15 per cent on the remainder.

“House building alone supports nearly three quarter of a million jobs with millions more relying on the availability of housing to find work,” said Sunak during his budget speech.

“But property transactions fell by 50% in May and house prices have fallen for the first time in eight years.

“And uncertainty abounds in the market – a market we need to be thriving. We need people feeling confident - confident to buy, sell, renovate, move and improve.”

Happily for many first time buyers, Sunak got this wish. During July and August the market witnessed a huge boom in house buying and selling and confidence has returned to the market.

The only question is, can it last?

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Remember the content provided in this article is for information purposes only and should not be considered as advice.