The first £250,000 of the price paid for a residential property in Wales will continue to be free from Welsh stamp duty.

For transactions completing on or after 1st July, the £250,000 threshold will revert to £180,000.

However, the holiday in Wales will not offer a tapered return like in England.

Sunak revealed that in order to “smooth the transition back to normal,” the nil rate band would be reduced to £250,000 until the end of September, only returning to the usual level of £125,000 from 1 October.

Sunak said: “The cut in stamp duty has helped hundreds of thousands of people in buying a home.

“Due to the sheer volume of transactions, many new purchases will not complete in time for the end of March.”