The chancellor has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.
The tax threshold has been temporarily raised until March 2021 to boost the property market and help buyers struggling because of the coronavirus crisis.
The changes have come in with immediate effect.
What has changed?
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021,
Anyone completing on a main residence costing up to £500,000 between 8 July and 31 March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
The move is aimed at helping buyers who have taken a financial hit because of the coronavirus crisis.