NAEA Propertymark comments on the Chancellor’s Stamp Duty Announcements

Stamp Duty Announcement reaction: Mark Hayward, Chief Executive, NAEA Propertymark comments on the Chancellor’s Stamp Duty Announcements.

“Following our engagement with HMT and MHCLG over the past few months, we welcome the Chancellor’s announcement this afternoon that he will be raising the threshold at which buyers will pay stamp duty to £500,000. This a is a welcome commitment by the government, and we are glad that they have listened to our calls to help sustain the property market following lockdown. These measures will enable people looking to buy a home to have the confidence and stability to be able to move forward with their purchase, which in turn will have a knock on effect on the wider economy as people buy white goods and furniture. The market is moving well at the moment, however once furlough has ceased and the anticipated recession hits, the market might well need further financial impetus, therefore it is right that the sector is given the support and tools it needs to rebound over the next 9 months.”

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