Greenacre Financial Services have welcomed the chancellor's decision to extend the stamp duty holiday and the reintroduction of 95% mortgages.

Managing Director Greg Stanworth said of yesterday's budget announcement: "It is excellent news that the chancellor is extending the Stamp Duty holiday and is a big a win for the property industry and home buyers.

"The extension will allow people stuck in lengthy backlogs for mortgages, surveys and legal reports to still benefit from the tax saving.

"My advice for buyers and sellers hoping to still benefit is to act sooner rather than later.

"Three months may seem like a long time, but mortgage providers have seen a huge increase in demand and therefore the time they are taking to process applications may be longer than you expect.

On the reintroduction of 95% mortgages, Greg added: "Saving up a deposit is often one of the most challenging parts of buying a home, so the reintroduction of 95% mortgages will be a great help for buyers with small deposits to get on or up the property ladder.

"We expect the vast majority of high street lenders to introduce these mortgages in April and we are anticipating a great deal of interest in the 95 per cent mortgage option."