The property market in England and Northern Ireland has now had a month to get used to Chancellor Rishi Sunak’s temporary cut in stamp duty land tax (SDLT). As a result of this cut, no SDLT is payable on sales of residential properties valued at up to £500,000 for the period from 8 July 2020 to 31 March 2021.

People buying second homes and landlords will also benefit from the reduction, although they will still have to pay the 3 per cent surcharge which applies to additional properties.

Different rules apply in Scotland and Wales, which set their own land taxes.