Estate agents are predicting a property boom in the run-up to Christmas and into the New Year as families raise their offers and first-time buyers realise they could afford to buy sooner. The new system will replace the unpopular ‘slab structure’, that led stamp duty to be labelled ‘the worst designed tax in Britain’, with a gradually increasing rate. The changed rules – said to benefit 98 per cent of buyers – mean the so-called ‘cliff edge’ where the tax was charged on a whole value of a property is replaced by gradually rising charges in a string of bands. It means someone buying an average-priced home worth £273,000 will be about £4,500 better off.

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