A leading London estate agency boss has claimed that the Chancellor’s tax cuts including changes to stamp duty will help boost the number of sales in the capital by 30% over the next 12 to 18 months.

While some commentators including several Conservative think thanks have questioned Kwasi Kwarteng’s decision to borrow £400 billion over the next five years to fund lower taxes for the better off and stimulate the housing market, estate agency Dexters’ CEO Andy Shepherd is ‘very upbeat’ about the mini-budget package.

The company says the tax cuts, as well as the energy bill assistance package, will help to further enhance confidence in the London housing market at all price levels.

“The changes to Stamp Duty will encourage and support first-time buyers to own a home and encourage more sellers to come to the market,” adds Shepherd.

“London’s residential property market has rebounded strongly since the COVID-19 pandemic, and we forecast that the latest initiatives will encourage even more people to look at buying and renting homes in the capital and give owners the confidence to list their property for sale.

“The capital will see a buoyant housing market for the remainder of 2022 and into 2023. Even with increasing activity we will still remain significantly below the peak transaction levels seen between 2004 and 2007.”

His company has revealed that last month its sales transactions were up 83% on the same month in 2021 and during August 2022 the business sold over £532 million worth of property across London for clients.