Rishi Sunak has unveiled a £30bn stimulus package, including a temporary cut to stamp duty, and Liverpool’s newest estate agent says it could inject confidence into the local market. Tony McDonough reports

Liverpool’s newest estate agent Adam Sutton believes the temporary cut to stamp duty announced in the Chancellor’s summer statement will bring renewed confidence to the city housing market.

On Wednesday, Rishi Sunak unveiled a £30bn stimulus package to get the UK economy moving after the coronavirus crisis. One of the key measures was to increase the threshold for stamp duty will increase from £125,000 to £500,000.

The cut will be temporary, running until March 1, 2021, and will take effect immediately. It was unveiled along with other measures, which included a VAT cut for hospitality businesses and tourist attractions, support for furloughed workers and new initiatives on training and decarbonisation.

Mr Sutton launched Adam Sutton Estates in Liverpool’s Baltic Triangle in June. He says the stamp duty cut will boost the property market in the city after an uncertain period. He is now encouraging people to take advantage of the offer sooner rather than later. 

He told LBN: “The Chancellor’s decision to cut stamp duty is very good news for the real estate sector after what has been a very uncertain time. This move will contribute to movement in the buying and selling of houses.

“It will absolutely boost the property market and help buyers struggling because of the coronavirus crisis. It has given us all a lift. It is now a good time for people to start buying, especially the people who previously might have been put off wanting to buy at the height of the pandemic. My advice to everyone is if you are thinking of selling to do it now, before it is too late.”