Private Finance comments on HMRC Stamp Duty statistics, Q3

Shaun Church, who is Director at Private Finance, comments on the publication of the HMRC Stamp Duty statistics for 2018 Q3.

“The stamp duty exemption has arguably been one of the most successful initiatives to get more buyers onto the housing ladder, providing a financial lifeline to almost 200,000 first time buyers and helping them save a staggering £400 million to date.

“If the government is committed to fixing our housing market, stamp duty relief shouldn’t end however with first time buyers. We urge the government to turn its attention to last-time buyers as too many would-be downsizers remain in their family homes unwilling to move due to the hefty tax bill they would incur.

“Encouraging these homeowners to move to smaller and more suitable homes would unglue the housing market, and unlock a supply of properties for prospective buyers further down the chain, helping to rebalance the supply of UK property in relation to demand.”

Kindly shared by Private Finance