"Stamp duty is an obstacle for many buyers, particularly struggling first timers who find getting a foot on the property ladder in London more difficult than most.
"However, it is important to remember that, even in a struggling economy, there are very few properties available within London under the £175,000 threshold, so first-time buyers in the capital won’t really benefit.
"Less than 5% of the properties that we are currently selling would benefit from the Stamp Duty break that is being offered.
"The Chancellor could have chosen to rework the levels of Stamp Duty entirely, but in the absence of cuts across the board, this extended holiday will offer some relief to the market."
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