A decision to cut stamp duty has been described as a "definite boost" to the housing market.

Announced as part of a series of measures to help the nation recover from the economic slump caused by the health crisis, Chancellor Rishi Sunak revealed the current stamp duty threshold of £125,000 would be increased to £500,000 until March 2021. That means any buyer purchasing a house for less than that will not have to pay.

In practical terms that will mean a saving of an average £4,500 for house buyers. It comes into force with immediate effect.

Rebecca Swain, head of conveyancing at Tunbridge Wells law firm Thomson Snell & Passmore, welcomed the move.

"By temporarily increasing the threshold a large number of buyers will no longer face having to pay stamp duty and others will make savings of thousands of pounds.

"The stimulus will benefit first time buyers and home-movers alike. We await the finer details, but this a definite boost to the housing market.”

The view was echoed by Matthew Pratt, chief executive at house-builder Redrow.

He said: "The measures will have a much-needed domino effect, also supporting suppliers, subcontractors and consultants to the housebuilding industry, as well as boosting businesses supplying goods and services related to moving home such as furnishings, white goods and many others.

“The immediate implementation of these measures is positive, as waiting risked the market grinding to a halt.

"Now we can be confident the measures will get people moving, spending and contributing to the country’s economic recovery.

"Once the stamp duty holiday is over, we call on the government to undertake a wider reform of this tax to reduce the significant sums of money involved, which create a major barrier to many wishing to make a move.

"Stamp duty is just one barrier. Despite the home building industry coming to a standstill for the best part of the last three months, the Help to Buy clock has kept ticking towards the deadline.

"Now we can be confident the measures will get people moving, spending and contributing to the country’s economic recovery" - Redrow chief executive, Matthew Pratt

"Thousands of potential home owners across the country will now lose out through no fault of their own and that can’t be right.

"And of course the conclusion of the current scheme now coincides with the end of the stamp duty holiday and we think this needs to be carefully reconsidered to avoid a cliff-edge of support for customers.

“We call on the government to extend the deadline for the scheme to ensure customers aren’t unfairly disadvantaged and buyers, at a time when they more than ever need the support of Help to Buy, continue to have access to it”.

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