Property industry commentators have reacted after a media report said the government would cut stamp duty in an emergency budget on Friday.

The government will announce radical plans to reduce stamp duty in the government’s mini budget tomorrow in a bid to stimulate greater activity in the housing market and boost economic growth.

Such a move would be a major fillip for the housing sector, which has shown signs of cooling this year amid increasing inflation and higher interest rates.

According to The Times, the new prime minister and chancellor have been working on the plans for more than a month and will announce them on Friday.

Liz Truss views a stamp duty reduction as key to boosting the economy by allowing more people to move and allowing first-time buyers to get a foot on the housing ladder.

As usual, the devil will be in the detail.