Local agent slams government for ignoring stamp duty in budget

The issue of stamp duty needs to be addressed by the government, Ian Denton says

The issue of stamp duty needs to be addressed by the government, Ian Denton says - Credit: Getty Images/iStockphoto

A local estate agent has criticised the government for failing to address the issue of stamp duty in this week’s budget.

Ian Denton of Jackson-Stops & Staff, Woburn, said: “Homeowners are left feeling disheartened and frustrated once again as Philip Hammond neglects to address the stamp duty elephant in the room.

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

Stamp duty currently starts at 2 per cent for residential properties priced from £125,001-250,000, with buyers of more expensive homes being taxed on the amounts between subsequent bands rather than the full purchase price. This rises to a maximum of 12 per cent for properties costing more than £1.5m.

Ian added that he now fears we will have to wait until the combined budget and Autumn Statement to find out how Mr Hammond intends to tackle this issue.

He said: “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.”