Private Finance comments on ONS Stamp Duty Statistics

Shaun Church, Director at Private Finance, comments on the publication of the Office for National Statistics (ONS) Stamp Duty Statistics.

“First-time buyers have enjoyed a £1.1 billion saving since the introduction of the stamp duty exemption in November 2017, with £539 million saved in 2019 alone.

“Almost half a million (464,700) first-time buyers have taken advantage of this tax break since introduction. With a stamp duty bill typically amounting to tens of thousands, many of these first-time buyers would have been unable to achieve their homeownership dream had it not been for this tax relief.

“With the Budget just around the corner, pressure will be mounting on the Chancellor to turn his attention back to stamp duty, but this time for those further up the property ladder. The Government desperately needs to start incentivising downsizing, the UK’s older generations are stuck in homes that are too large for their needs, but too expensive to give up. Offering last-time buyers a stamp duty exemption on their new smaller home would encourage them to downsize, freeing up the ‘forever’ homes desperately sought after by younger families.”

Kindly shared by Private Finance