Speaking yesterday on BBC Radio 4’s Today Programme, the Chancellor refused to rule out the move, leading to the speculation that it would either be deferred of axed completely.
Teresa Kane, property sales manager at Cluttons, said: "News that the Government is considering an imminent stamp duty holiday is music to the ears of homebuyers, who are already struggling with the spiralling costs of moving home.
"However, if the Government does decide to go ahead with this policy it must be implemented immediately, otherwise it could bring total stagnation to the market as buyers wait for the suspension to start before completing on their purchase."
Peter Bolton King, chief executive of The National Association of Estate Agents (NAEA), agreed: “Whilst this indication that the government may scrap stamp duty is positive, clear and immediate decisions in this area need to be made. Decisive action is needed today; one concern is that the anticipation of the suspension of stamp duty may halt the transactions in the housing market even further until the decision is finalised either way."
