Stamp duty holiday plans announced by Chancellor Rishi Sunak
Chancellor Rishi Sunak has announced plans for a stamp duty holiday in the 2020 summer statement. This will make most homebuyers exempt from paying any stamp duty as part of plans to kick-start Britain’s economic recovery.
The following industry responses have been released:
Mary-Anne Bowring, group managing director at Ringley and creator of automated lettings platform PlanetRent, says: “The Chancellor’s proposals to exempt most homebuyers from paying any stamp duty under plans to kick-start Britain’s economic recovery is welcome news.
“A stamp duty holiday would no doubt cause a rush of transactions and help breathe life into a housing market that has been put into deep freeze in an effort to battle coronavirus.
“The government should be looking at long-term solutions as well as short-term sticking plasters when it comes to fixing the UK housing market.
“Millions of Brits were already renting, and that number was predicted to grow anyway with or without coronavirus. The disruption caused by coronavirus will likely see rental demand grow, as banks squeeze potential buyers with tighter lending restrictions and people put off buying or selling a home as it becomes clearer COVID-19 has caused continued uncertainty and disruption in the medium term.
“Eliminating additional stamp duty for buy-to-let investors would help stimulate the supply of rental homes while also driving wider activity in the housing market. Landlords are a crucial source of development finance through off-plan sales and will help support getting Britain building again.”
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