Propertymark comments on Stamp Duty threshold changes
Commenting on the Stamp Duty threshold changes commencing from tomorrow, 1 April, Toby Leek, President of NAEA Propertymark, the leading professional body for estate agents, said:
“There will be many people completing on the sale of their home today to save potentially thousands of pounds from tomorrow onwards.
“Some will also be disappointed that they were unable to complete quickly enough to avoid paying extra Stamp Duty, leaving many with the extra burden to find on average an extra £2,500 in order to move home.
“Moving forward, however, the extra cost may be adsorbed within the price of properties therefore raising the overall price marginally but remaining within affordable limits for many people especially given mortgage products coming to the market continue to improve, with sub 4% products now available. As this improves this will hopefully continue to enable people to step onto the ladder for the first time or move home more freely as we move into the summer months, which is a traditionally busier time for the housing market and presents buyers and sellers with much more options.
“For some though, home ownership aspirations are unrealistic and the growth in the amount of a deposit needed which is, on average, around £50,000 is too far out of reach. Therefore, the UK Government needs to urgently review the Stamp Duty value bands to reflect average property prices and ensure any current or future measures to help first time buyers including saving ISAs are available, fit for purpose and consider house price inflation.”
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