A LOCAL estate agent has welcomed the government's extension of the stamp duty holiday, describing it as a "massive relief" for homebuyers.

The Chancellor Rishi Sunak is set to announce that the pandemic measure will be extended from its current deadline at the end of next month up to the end of June, The Times reports.

Kerry Davies, the director of Butters John Bee, which has a branch in Crewe, said the move would be welcomed by estate agents and homebuyers alike who were rushing to meet the March deadline.

She told Crewe Nub News: "There would have been some significant financial implications for some people having to magic up another £10,000.

"I think it's obviously going to provide a lot of relief for those people that were getting close to that deadline. We've got a lot of very anxious vendors and buyers out there at the moment."

The extension will also benefit estate agents and conveyancers who have been quickly trying to complete home sales before the 31 March deadline.

"You are looking at nearly £15,000 savings with the stamp duty holiday, so it is a significant amount. Especially when you are looking at the higher end properties, which is where the biggest impact will be felt," explained Kerry.

The Chancellor is expected to officially announce the extension in his budget on March 3.

Under the current rules, announced by the Treasury last year in a bid to fire up the property market, the stamp duty threshold has been temporarily raised from £125,000 to £500,000 for property sales in England and Northern Ireland.

Kerry added: "For those people that are looking at that higher end property, they are then looking to sell their first properties and brings more properties to market. So, it really does keep the housing market buoyant, and it's great for the economy."