Spring Budget comment

Nick Leeming, Jackson-Stops & Staff Chairman, comments on the Spring Budget:

“Homeowners are left feeling disheartened and frustrated once again as Philip Hammond neglected to address the stamp duty elephant in the room in the recent Spring Budget.

“Despite evidence showing the housing market has slowed since the stamp duty reform of December 2014, and the more recent 3% second home surcharge, the Government is sticking to its guns and refusing to give the nation a break.

“The fear now is that we will have to wait until the combined Budget and Autumn Statement to find out how Mr Hammond intends to tackle this issue.

“It would be fantastic to see an easing of stamp duty levels across the board to give the property market the vital boost it needs. A stamp duty holiday for first-time buyers would be particularly welcome, as the cost of living and rental prices make saving for a deposit increasingly difficult. Many first-timer homes in London and the South come with a price tag of £400,000 – the £10,000 stamp duty payable on this is, quite frankly, prohibitive.”