Local reaction to the news that the Chancellor is, from today (Wednesday July 8), suspending Stamp Duty on house sales up to £500,000 has been surprising.

Senior Managing Partner for Cooper & Tanner, Quintyn Howard-Evans spoke candidly to Nub News and admitted: " I don't know why he did it."

He told us that his company is working flat out and the market as far as his company is concerned is buoyant with today (July 8) two sales negotiators out all day on valuations.

" So the property market, in my opinion, simply doesn't need this stimulus, " he said.

Quintyn Howard-Evans has been working in the local property market for over 30 years and says that post coronavirus lockdown, it is more robust than ever. " I am not sure the Stamp Duty holiday was needed if I am honest. The property market is doing quite well, I know that is perhaps not what you expected me to say, but it is true."

Sales of homes in Frome and the surrounding areas are also benefiting from what is being called the rush out of the capital, with him telling us that in that last three or four weeks Cooper &Tanner in Castle Cary have sold ten properties,with eight of those going to London buyers.

" Instructions are up, sales are very good, the market is simply not repressed. I feel perhaps this is a bit of a gimmick. Don't get me wrong, anything that encourages buyers is of course good, but maybe this will just create a price point of around £500,000 with people not willing to buy over that."

Chancellor Rishi Sunak confirmed during his summer economic update that the Stamp Duty threshold will be increased to £500,000 effectively immediately and will stay until March 31 2021.

The Treasury said nearly nine out of ten people getting on or moving up the property ladder will pay no Stamp Duty at all.

Rightmove said there are more than 510,000 properties with asking prices under £500,000 on the portal, making up 81% of all residential stock for sale in England

The property website said 291,000 properties under £500,000 are currently available for sale, making up 78% of all properties listed in England.

Meanwhile the local solicitors Thatcher + Hallam welcomed the Chancellor's news for a longer term security of the market.

Laura Kellaway is an experienced conveyancer and member of the Residential Property team at local solicitors Thatcher + Hallam. Laura knows the local Frome housing market well and she is encouraged by today's news from the Chancellor.

'We may be extremely busy now, but understandably buyers and sellers are still cautious about how the housing market will fare over the next few months. This is a very welcome development and will provide the well needed reassurance and confidence house buyers need at the moment' explains Laura. 'Hopefully what the Chancellor has done will help the housing market maintain momentum into the future.'