If you’re a first time buyer, Mr Hayes believes it could be clever to hold off until spring next year.

However, he did point out the stamp duty holiday makes buying a house “obviously cheaper”.

Mr Hayes said: “The stamp duty holiday which lasts until the end of March 2021 means it’s obviously cheaper to do so now rather than in a year’s time – it could mean savings of up to £15,000 on properties worth up to £500,000 in England and Northern Ireland, and £250,000 in Wales and Scotland.

“But for those first time buyers who already benefited from this tax break, it might be worth holding off until April 2021 when competition starts to ease off again – as competition only drives up prices, and currently there’s a lot of it.”

He added: “For those who will save some cash because of the stamp duty holiday, and those who have saved significant amounts during lockdown, it’s worth noting the money that you save will probably have to go towards stumping up a bigger deposit on a mortgage.

“The recession means banks are tightening their purse strings when it comes to the amounts of money people can borrow, so the added benefit from the stamp duty holiday will help out your deposit massively and you’ll get better access to lower mortgage rates.”

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