A Stamp Duty holiday will save buyers up to £15,000. The tax on the first £500,000 of all property sales has been suspended until March 2021.
The average buyer will make a saving of £4,000, with nine in ten not having to pay duty at all. Those paying £500,000 for a property will save £15,000. The payment holiday comes into effect immediately in England and Northern Ireland.
Mr Sunak said: "Uncertainty abounds in the market - a market we need to be thriving."
Miles Shipside from Rightmove, which saw web traffic leap 22 per cent at the news, said: "We hope this will provide the spur."