Property buyers will celebrate confirmation that stamp duty cuts will be extended until the end of September. Mr Sunak chose to extend it, to help those trapped in the property buying system log-jam, and to install a step-ladder system to avoid a cliff edge when it ends.
The nil-rate band, the level at which no stamp duty is due, will stay at £500,000 until the end of June. From July until the end of September, the first £250,000 of a property purchase will be tax free, and from October 1, this will fall back to the original £125,000 level.
Also benefitting were first time buyers with small deposits. Mr Sunak said high-street banks will soon offer mortgages for those with only a 5pc deposit, with the loans underpinned by a Government guarantee. Banks will be able to provide the loans to some 3,000 people each month on properties worth up to £600,000.
The 95pc mortgage guarantee is not a new idea, but was part of the post-financial crisis package to help prop up the housing market. Back then it was in place under the Help to Buy umbrella, and ended in 2016. The take up was much lower than the Government anticipated.