Property Reporter, 08/07/2020 | Stacks Property Search and Acquisition

Industry reacts positively to raising of stamp duty threshold

James Greenwood of Stacks Property Search says, “The Stamp Duty holiday provides welcome relief and has extensive benefits for the UK economy.

“The property market requires a strong performing lower end where the majority of transactions take place – these are the legs that support the market as a whole.

“The fact that the Stamp Duty holiday has been introduced with immediate effect is excellent news and will prevent a stop/start disadvantage to the market.

“The expectation was that it would stay in place until January – its extension to March is great news and prevents a scramble to get transactions over the line. By March ’21 we would expect to see the market settled and ready to operate at more normal levels into the spring and summer of next year.

“One of the problems in the housing market is a reluctance amongst the older generation to leave the houses that have become too large for them. This will encourage downsizers, and free up the market in the middle and upper end of the market where there is a surplus of demand.”

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