TWO Salisbury estate agents have welcomed the news of an eight-month stamp duty holiday.

It has been described as "just the right thing to do" following the latest changes in the Covid-19 lockdown and recovery.

The chancellor of the exchequer Rishi Sunak made the announcement on Wednesday - that any house purchase up to £500,000 will be exempt from paying any tax - which came into immediate affect.

Following the announcement Tony Williams, head of sales for Whites Estates Agents in Castle Street, said the cut is "great for the property market", and that it will also have a knock-on effect on other businesses as homebuyers start planning their new homes, including building work and purchasing furniture.

He added: "Rishi Sunak has done a terrific job to generate activity and stimulate the housing market - this was just the right thing to do in getting the country and economy back on track.

"I don't see that the work will change overnight but we have enough time to get people on the market."

Mr Williams, who sold five houses during lockdown, added: "Lockdown was annoying but we have caught up. We were worried we were going to be short of how many months' stock, and now we have demand coming out of our ears.

"Our market is very good in that there is always someone who needs to move house, now we are all working from home, and [stamp duty tax] will really help. It's getting people to think 'let's move now while we can'."

Jamie Maslen, director of Oliver Chandler, also in Castle Street, said the estate agents has already "noticed an uplift", adding: "This [stamp duty tax cut] has just released a whole new number of people who were on the fence. Some people were thinking of moving and this has triggered it.

"We had predicted a drop in the market and this will pull us through.

"People that would not have phoned us have phoned, and this will see us through the winter months. My advice would be to act now."