14th
Nov 2023
A leading estate agency tells the government that it is of the utmost importance for the Chancellor to reduce stamp duty in his August Budget which is far more relevant now than when it was temporarily introduced during Covid.
The agency claims that the 2020 stamp duty holiday was not necessary for the market at the time.
The head of UK residential research of the agency said trading activity across the market was relatively strong for the continuing lockdowns as it gave people to properly reassess where and how they lived.
However he is convinced government support across the UK would be timely with the extenuating circumstances crushing demand.
He says: “We will find out if the government has a plan in the Autumn Statement later this month.
“In the meantime, the number of UK mortgage approvals was more than a third below the five-year average in September and transaction volumes were down by just under a quarter.
“Unlike the early months of Covid or the period following the mini-Budget, there is no single cause of the slowdown. Sentiment has been affected by a series of factors including the financial pain of higher mortgage rates, the Bank of England’s struggle to contain inflation, the impending general election, and uncertainty arising from overseas military conflicts.”
The spokesperson states that as the sales market is substantially hit some people considering selling are now opting to let out their property instead.
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