The cut in stamp duty is just what we need to get the housing market moving again.

It will cut the cost of buying a home and hopefully encourage people to start house-hunting.

But it will only work if mortgage lenders make sure there are plenty of mortgage deals out there for them to buy houses with.

At the moment you need a big deposit if you are going to get a good rate on your loan.

The market desperately needs to see more lenders who are prepared to lend money to those with a 10% deposit or even less.

In today’s mini-budget the chancellor said the government will temporarily raise the stamp duty threshold from £125,000 to £500,000.

At the moment homebuyers don’t pay any stamp duty on the first £125,000 of homes – the rate then goes up in stages. But with the average property price at £237,616, according to the Halifax, today’s announcement will mean the majority of buyers won’t have to pay any stamp duty at all.

The change will apply from 8 July 2020 until 31 March 2021 and mean that nearly nine out of ten people getting on or moving up the property ladder will pay no stamp duty.

The Chancellor said the average stamp duty bill would fall by £4,500.

However, we need to see mortgage lenders respond by getting more appealing products on the market.

At the moment there are just a few lenders prepared to give you a mortgage if you have just a 10% deposit. Whereas if you are moving home and have a deposit of say 15% or more, you have a much greater choice and lower rates.

The stamp duty holiday is undoubtedly good news and will get the market moving again, which benefits everyone.

Despite the gloom-mongers warning that house prices are falling, local feedback suggests the market is reasonably buoyant, with houses shifting quickly.

All we need is the mortgage lenders to play their part and we’ll all be moving forward.

Due to the current restrictions over coronavirus, I’m not doing face to face discussions but I am happy to do free, no-obligation consultations over the phone on 07767 692 653 at a time to suit you.

Or, if you prefer, you can contact me by email at mgrayshan@googlemail.com and I’ll help you with any mortgage or insurance issues.

For more details on the services I offer please visit www.markgrayshan.co.uk

In the meantime, stay safe.