Karen Rodrigues, director of sales at eConveyancer, believes the measures unveiled in the Budget demonstrates the important role of home ownership.

Rodrigues said: “Whilst the mortgage guarantee scheme is a guarantee for lenders, not borrowers, it will improve the availability of mortgages for buyers with small deposits and enable more first-time buyers to take the first rung on the housing ladder where they may have other been excluded.

“This is important for the whole market as new first-time buyers are the engine that drives the market.”

Budget 21: Can supply keep up with demand?

In addition, looking to the stamp duty holiday extension, Rodrigues believes this will come as a welcome relief for conveyancers.

From June until the end of September the nil rate will then apply on properties up to £250,000, before returning to its normal level in October.

According to Rodrigues, this is a form of tapering that will help to avoid a cliff-edge in June.

However, she outlined that the potential savings do drop considerably and so many transactions will come under pressure to complete before that first deadline.

Rodrigues added: “The onus will be on all parties in the process working together and, where possible, making the most of technology, to ensure that transactions are processed effectively and efficiently.”