The stamp duty holiday has been extended by six months until the end of September, in a boost to the housing market and a massive victory for The Telegraph's Stamp out the Duty campaign.
The six-month extension includes a tapering of support, gradually lowering the nil-rate band from June.
Chancellor Rishi Sunak's move gives buyers who have been grappling with major logistical delays more time to take advantage of the tax break. The tapering of support will also help to prevent a cliff edge edge of demand.
The extension applies to all transactions in England and Northern Ireland, meaning buy-to-let investors will continue to benefit from the tax savings.
Mr Sunak also announced a new mortgage guarantee scheme that will allow first-time buyers to purchase homes worth up to £600,000 with 5pc deposits from next month.
How will the stamp duty extension work?
The deadline for buyers to take advantage of the higher £500,000 nil-rate band has been extended by three months. This means that buyers in England and Northern Ireland can save up to £15,000 in tax if they can complete their sales by June 30.
After this date, the nil-rate band will drop to £250,000 until September 30. This means the maximum tax savings will fall to £2,500 during this period.