The Stamp Duty holiday has had a significant effect on accepted offers since it was announced, Knight Frank says, leading the estate agent to ask if it should become a permanent arrangement.

Data released by Knight Frank today shows that the increase in offers accepted in the UK between 8 July and 3 August went up 146 per cent above the five-year average for properties valued below £1.5m.

This value threshold is where the effect of the holiday has the most financial impact, the estate agent says.

Accepted offers for properties above this value rose by 71 per cent within the same time period.

Other metrics boast of increases, too – within the same value categories, the number of new prospective buyers for each rose 100 per cent and 70 per cent, respectively, while viewings rose 46 per cent and 13 per cent.

“The holiday, it must be concluded, is working,” states Knight Frank.

“Whether it should become a permanent arrangement is something the government should consider.

“More companies are announcing job cuts and any additional financial friction around the mobility of labour or people unfortunately made redundant could prove counter-productive.

“We have explored before how this is not a good time for taxes that are economically self-defeating.

“If more people are moving home, that is good for the economy well beyond the confines of the housing market,” it concludes.