Unprecedented cross-industry open letter warns Rishi Sunak of dangers should he insist on March 31st stamp duty holiday cut-off.

Senior figures say stamp duty holiday cut-off on March 31st is too soon if property market is to survive the looming downturn as the second wave of Covid sweeps the nation.

CEO Ian Mackenzie says his organisation has found a work-around but is baffled why scheme is pitched mainly to larger, corporate organisations.

Company says furlough wind-down will not dent market confidence and that Sunak's stamp duty holiday will keep sales going until March.

Nearly 580 investors including HM Treasury's Covid Future Fund have invested in the company, which claims to now have 7,000 properties on its books.

Research by both Rightmove and Yomdel show huge increase in market activity since Rishi Sunak's announcement last week.

London agent Simon Gerrard says move is mostly symbolic and that he fears what will happen when tax is reimposed in March.

The removal of stamp duty from the first £500,000 will come as a 'bitter blow' to those who have just completed.