London house prices: What is going to happen to house prices over the next year in London?

There have been calls to extend the Stamp Duty Holiday, but Mr Loach doesn’t expect this to happen.

He said: “It does not seem likely that the stamp duty holiday will be extended; the Government needs to start recouping its recent expenditure.

“They might however allow for sales that are already in progress to complete.”

If you’re looking to buy in London, you should take advantage of the Stamp Duty holiday while you can.

Mr Loach stressed how much money London buyers in particular have saved due to the scheme.

He explained: “London buyers have had a massive boost thanks to the stamp duty holiday with so many buyers saving so much money, enabling them to buy when some lenders have introduced restrictive lending criteria.

“The stamp duty holiday has helped some London buyers to secure mortgages with 15 percent plus deposits which they would not have been able to afford previously.”

To make the most of the Stamp Duty holiday, you’ll need to buy a home before the end of March 2021.

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