Plans to cut stamp duty have been met with a mixed reception in Norfolk.

The policy, announced on Friday by chancellor Kwasi Kwarteng, will see the threshold at which home buyers have to pay the duty rising from £125,000 to £250,000.

Lynne Burdon, chair of Homes for Wells - a community benefit society dedicated to helping local people obtain affordable homes in the coastal town - cautioned that the policy could in fact make the situation worse.

"It's very difficult, because the price of a property in Wells is now out of reach to most local families anyway, so the small cuts won't make much difference," she said.

"I guess one of the problems is that it will also benefit second-home buyers, because they'll still have to pay the extra 3pc [an extra rate of stamp duty specifically faced by second home owners], but that's still quite a big concession on the normal stamp duty.

"So, I don't know, I'm not sure it will help Wells very much. It possibly could make it worse.

"What Wells really needs is something completely different, which is to make homes affordable to local people. I can't see that this is going to make any difference."

Estate agents were more positive about the change with Lloyd Sandy, managing director at Sowerbys, saying: "This is welcome news for anyone buying in Norfolk and we anticipate a positive impact on the rest of the market too.

Fakenham & Wells Times: Sowerbys' managing director Lloyd SandySowerbys' managing director Lloyd Sandy (Image: Archant)

"For anyone thinking of buying, this will hopefully give them the confidence that the government recognises their best interests and is acting for them quickly."

Paul LeGrice, managing director at Abel Homes, argued that the change would in fact be especially helpful for first-time buyers.

“The increases in the stamp duty thresholds will be very welcome for first-time buyers in particular, especially with Help To Buy coming to an end in the spring, and rising interest rates making mortgages more expensive," he said.

“We welcome the fact that this move is permanent, which will avoid the ‘cliff edge’ which has happened previously at the end of stamp duty ‘holidays’.

"This will make the market more sustainable and avoid unhelpful spikes."