No sweet spot on Stamp Duty
08 March 2017
Future generations and fairness were a key theme of today's Budget speech, but the Chancellor did not directly mention the government's plans to tackle the housing crisis. There will be disappointment that no announcement was made to address the huge transactional costs stopping people getting on the housing ladder. Many believe that stamp duty rates remain too high and would have hoped to see a slight reduction announced to unlock a frozen market and encourage first time buyers. The government needs to find the sweet spot on stamp duty - transaction costs continue to discourage young families from upsizing and older generations from downsizing, adding further pressure to a stretched housing market. We hope the government can find a way to kickstart the market in the Autumn Budget and we'll be looking for action on reducing stamp duty, investing in sustainable and social housing and building more houses.