Budget response

Kevin Prince of Carter Jonas in Winchester, comments on the Spring Budget:

“A reduction in Stamp Duty is the final catalyst the property market needs to boost transactions, yet the Chancellor has again missed an opportunity to make the necessary reforms with the Spring Budget.

“Current Stamp Duty rates are stifling the top end of the market, which was of course the intention, but it is worth considering that multimillion pound properties do not operate in isolation. If they are not selling, there could be a ripple effect that reduces the availability of entry level properties, precluding first and second time buyers from embarking on their journey up the ladder.

“The Winchester market has proved resilient over the last couple of years, despite the braking effect of a General Election and last year’s Referendum result; however, we are acutely aware of the effect that Stamp Duty has had on the residential market in other regions, and especially London. This leads us to question why our new Chancellor, who reportedly made his fortune through property, has bypassed yet another opportunity in the Budget to revise Stamp Duty thresholds – both on properties priced over £937,000 and on buy-to-let investments.

“George Osborne attacked the residential market two and a half years ago with stringent SDLT reforms and it is disappointing to see a lack of initiative from Philip Hammond to reverse this. A reduction in SDLT levies could have injected new life into the London residential market as well as the buy-to-let market throughout the country.”