Hammond urged to review Stamp Duty in Autumn Statement

Posted: 13/11/2016

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Chancellor PhilipHammond will deliver his first Autumn Statement on November 23 and there is one policy on the lips of most of the property industry, Stamp Duty.

Many have already called for a scrapping of the additional rate on second properties, but now Hammond is facing calls for exemptions for certain buyers.

There are calls for buyers to be spared Stamp Duty on purchases below £250,000.

Industry commentators have said: “Osborne had the foresight in the recession to increase the threshold to £250,000 for first-time buyers to help prevent a market freefall. We are now, again, on the cusp of economic and political uncertainty as a result of Brexit, and I believe we need to encourage property investment – by home owners and institutions – by upping this threshold once again.

Some are also calling on the Chancellor to create tax incentives for the institutional Build to Rent sector.

Others have called for Stamp Duty thresholds to either be increased or for an exemption for first-time buyers, saying "The Government should help first-time buyers to get on the property ladder by increasing the threshold or indeed making them exempt from paying Stamp Duty on house purchases up to a set value. Life isn’t getting any easier for most first-time buyers and the end of Help to Buy, rising inflation pressuring wages and a falling pound – which may make UK property hotspots more attractive for overseas investors – aren’t going to improve things any further. The market would benefit from a stimulus at the lower end to give first-time buyers a leg up on to the ladder. The simplest and most effective way to do that is by reviewing Stamp Duty for this population.”

But will the calls just fall on deaf ears?

At least we at Key one Property are helping to lighten the financial burden of moving with our fixed selling fee of £500 up to £200,000 then only 0.5% thereafter.

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