What the Spring Statement Means for the Housing Market

What the Spring Statement Means for the Housing Market

 

“We watched and waited and nothing came. It was disappointing when Philip Hammond failed to relieve stamp duty in the Autumn Statement, so today’s blank of the housing market entirely was an extra blow.

 

“We needed a confidence booster for the low to mid-end of the market, in particular, to free up first-time buyers and second steppers; but that hasn’t been delivered, despite it being one of the key predictions of Hammond’s announcement. Stamp duty is the thorn in the housing market’s side, and needs a complete rehaul – and the small steps we hoped for in today’s Spring Budget haven’t come to life.

 

“Then there remains the huge tax burden on properties upwards of £900k and what’s going to be done about that, because higher stamp duty evidently hasn’t worked so far – it hasn’t loosened up the remainder of the market making properties more affordable; it’s just served to freeze the market from the top downwards.

 

“We will continue to work with our peers in the housing sector to put pressure on the Government to make the right changes going forward. We need to unite to make it happen.”