Property experts across Suffolk have welcomed a potential cut in stamp duty as the Prime Minister looks set to announce plans on Friday.

According to The Times, Liz Truss and Chancellor of the Exchequer, Kwasi Kwarteng, believe the policy will allow more people to move and enable first-time buyers to get onto the property ladder.

"A reduction in stamp duty will stimulate the market," said Tim Dansie, director of Jackson Stops in Ipswich, which specialises in high-end property.

"People will have more confidence and, as a result, will be more likely to buy.

"The policy will also ease things for both the vendor and purchaser, helping to make more transactions happen.

"It is likely that house prices could go up, but a cut to stamp duty will have an immediate impact on the market and people will want to buy before it potentially goes back up."

The reduction is expected to be announced at the end of the week as part of Downing Street's mini-budget.

Oliver Johnson, a partner at the Framlingham-based Clarke & Simpson estate agents, said there were benefits to the cut in stamp duty, but that the majority of the support should be targeted at those most in need.

"First-time buyers and those looking at the lower end of the market should be given the most help," he said.

"They're the ones who are thinking carefully about every penny at the moment due to the cost of living crisis.

"Although stamp duty is high for those purchasing expensive property, wealthier buyers don't really need a huge amount of support.

"However small, any cuts to stamp duty will be felt more by those who need the most help."

Peter Ogilvie, head of residential sales at Savills Suffolk, said the government could consider targeting relief for downsizers and lowering the rate on the purchase of more energy efficient homes.

"Support for downsizers could help them make the move to more right-sized homes and make more efficient use of our existing housing stock," he said.

"A lower rate of stamp duty on the purchase of more energy efficient homes would also further encourage existing homeowners to undertake improvement works before the point of sale.”

Mortgage expert from Suffolk Building Society, Joanne Leek, said any more help for first-time buyers is always welcome.

"Housing is notoriously difficult to predict," she said.

"The stamp duty holiday that took place during the pandemic injected the market with life.

"So anything that lessens the cost is good news."