Snowdon Homes director Mike Lee has welcomed the holiday in stamp duty payments announced by the chancellor of the exchequer.

The Government has raised the lower stamp duty threshold from £125,000 to £500,000, potentially saving buyers up to £15,000 on their new homes.

The holiday means anyone buying a property in England between now and April 1 next year won’t need to pay stamp duty if it costs up to £500,000.

“It’s a great move by the Government and one which will hopefully stimulate the housing market moving forward,” Mike said.

“It is obviously good news for home buyers who can now make a significant saving on their new property but also shows the Government sees the housing market as an important factor in reviving the economy after such a hard time.”

The rate for properties from £500,001 to £925,000 now stands at 5% with those up to £1.5m facing stamp duty at 10%. Anything over the £1.5m mark will face duty at 12%.

Buy-to-let investors and those buying second homes will still face a surcharge at all levels including the standard 0% band, meaning their bills will start at 3% up to £500,000.