WINCHESTER estate agents are likely to see more sales following the changes to stamp duty.

Yesterday (July 8), the chancellor Rishi Sunak announced a temporary holiday on the property tax.

Buyers will not pay any stamp duty on the first £500,000 of all sales.

This could encourage more purchases in the Winchester district, which is known for being an expensive place to live.

Managing director of city-based Belgarum Estate Agents, John Leeson, told the Chronicle: "We have been delighted with the local market’s response to the lockdown restrictions being lifted, having enjoyed a record month for new listings and new transactions across both our sales and lettings divisions in June after two months of little activity.

"We expect to see this continue right across the market following the changes made to the Stamp Duty, especially for first time buyers and investors."

The holiday will end in March next year.

A spokesperson for Savills, which has an office in Winchester, said: "The most significant saving is for home movers, as first-time buyers already have tax relief if they buy a property worth less than £500,000. There were 289,000 mortgaged home movers in 2019/20, according to UK Finance data.

"First-time buyers will still benefit, even if they have relief from much of this tax already. More movement among home movers and downsizers will free up much needed housing stock, so there’ll be more homes available for first-time buyers to move into.

"Lifting the barriers to moving home will unlock more transactions. That means households can move to areas with stronger, more productive employment markets, which will help the economic recovery. It also means we can expect more spending on removals, furniture, and decorating, all of which will help boost the economy further."