THERE was a warm welcome this afternoon for proposals announced in the budget by Chancellor Rishi Sunak by borough-based regional estate agents Griffin Residential.

In the budget it was confirmed there will be a suspension of stamp duty on property sales of up to £500,000. The scheme had been scheduled to run until the end of March but the deadline has now been moved to June 30.

Mr Sunak added to good news for the housing market by announcing the nil rate band will be £250,000, double its standard level, until the end of September. From June, the first £250,000 of the purchase price will be exempt from the tax, before the allowance returns to its pre-pandemic level of £125,000 from the start of October.

That means anyone buying a home worth up to £500,000 before the end of June will now not pay the duty and could save up to £15,000, with a reduced discount available until the end of September.

Griffin's Ashley Froment said: "Firstly, the budget on the whole for the property industry is positive and looks to have been well received.

"We have had a surge in calls to the office this afternoon from prospective buyers and bookings for viewings. The extension and scale down of the SDLT will benefit so many existing and prospective buyers.

"It's fantastic news!

"We believe the mortgage guarantee scheme will aid so many buyers across Thurrock and our in house mortgage partner, Instant Mortgage Solutions are already on hand to deal with any enquiries."