As part of his action plan to boost the economy and kick-start the housing market, Mr Sunak told MPs8 Jul 2020 14:24
As part of his action plan to boost the economy and kick-start the housing market, Mr Sunak told MPs that he would increase the threshold for paying stamp duty on property transactions to £500,000.
The temporary stamp duty cut will take effect immediately and will last until 31 March next year.
The chancellor estimated the average stamp duty bill will fall by £4,500 due to the change, adding: "Nearly nine out of 10 people buying a main home this year will pay no stamp duty at all."