An extension to the stamp duty holiday is required now according to Alex Beavis, head of mortgage products at Skipton.

Beavis said: “Whilst we welcome encouraging noises from the Chancellor regarding a possible six week extension to the stamp duty waiver, we call on him, in his own words, to ‘go further’.

“Rather than waiting for the Budget on 3 March, action should be taken now to release pressure from the market.”

Over half of London postcodes see property price increases since 2019

It has been widely reported that the Chancellor is considering a limited extension through to mid-May in order to prevent homebuyers getting caught in a “completion trap.”

Speaking to the Daily Telegraph, Sunak said: “A lot of people would be caught in the completion trap if the holiday were to end when it is due to.”

Beavis explained that early and decisive action would provide much needed clarity and reassurance for the 100,000 potential deals that are expected the fall through if the deadline remains as 31 March.

He said: “Further delay will only increase uncertainty, pile more pressure on a creaking housing sector, and ultimately, lead to wasted time, effort and money should transactions miss the deadline and chains collapse.”