Chancellor Rishi Sunak has today announced that the stamp duty holiday on properties up to £500,000 will be extended from March 31 to June 30. From July 1, the holiday will apply only on properties up to £250,000 until the end of September.

It will not be until October 1 that the pre-Covid stamp duty thresholds and levels will resume.

Making the announcement this afternoon, Sunak said: 'The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we're seeing, many new purchases won't complete in time for the end of March.'

In another development for the housing market, Chancellor Sunak has also confirmed that there will be government-guaranteed 95 per cent mortgage loans available from next month, on the purchase of properties up to the value of £600,000. We will bring you further information on this as we get it.

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