A LEADING Thurrock estate agent has welcomed news that Chancellor Rishi Sunak is reported to be preparing to extend the stamp duty holiday by three months until the end of June in an attempt to keep the property market firing as Britain emerges from lockdown.

In July last year the government exempted most buyers from the levy if they completed their purchase before March 31.

The holiday enables people to save up to £15,000 in tax. The chancellor has faced pressure to extend the deadline amid concerns that it would create a "cliff-edge", jeopardising hundreds of thousands of sales.

The Times newspaper has reported that he is now about to do that, prompting a comment of support from Ashley Froment of Grays-based regional property experts Griffin Residential.

Mr Froment said: "This was positive news to wake up to.

"I think the whole sector will welcome the news that the Chancellor is looking to extend the stamp duty holiday by three months. This will give existing buyers some relief and less pressure to complete deals by the end of March.

"However, the time will come again towards the end of June for calls to perhaps either extend or have as structured exit especially for first time buyers.

"I think conveyancers this morning will be breathing a little easier!"

• Visit this link to see one of the local properties currently being sold by Griffin which is highlighted as our property of the week.