NAEA Propertymark: comments on news that 69,000 FTBs have benefited from stamp duty relief

Mark Hayward, Chief Executive, NAEA Propertymark comments on today’s announcement from MHCLG and the Treasury, that 69,000 first-time buyers (FTBs) have benefited from the stamp duty relief introduced in the Autumn Budget:

“This is really welcome news; FTBs have traditionally been the most vulnerable buyers operating in the market, but today’s figures indicate that the stamp duty relief is starting to make an impact.

“From December 2017 to March this year, sales to the group were up to 29% on average, compared to 27% for the same period the year before. While this is indeed an upward swing, sales haven’t rocketed. This could be because FTBs are now thought to be holding off on making purchases – typically outside of London – opting instead to save for longer to maximise the full stamp duty relief. The other reason is that the cost of buying is still very high, and FTBs are still finding it difficult to save for their deposit. As the cost of living continues to rise – with consumer price inflation standing at 2.3% in March – we still have a long way to go to make the dream of owning a home accessible to all, but this is definitely a step in the right direction.”

Kindly shared by NAEA Propertymark