News

Coronavirus: Housing market needs a stamp duty holiday but swift action is needed

Today (23/4/20) we echo the Royal Institution of Chartered Surveyors (RICS) call for a stamp duty holiday to kick-start a stalled housing market, but warn that swift action is needed to prevent further inaction.

1 minute read

Published 23 April 2020

Key Contacts

  • Janet Armstrong-Fox

    Partner - Head of Private Client Property

    Visit profile

Share

Today (24/4/20) we echo the Royal Institution of Chartered Surveyors (RICS) call for a stamp duty holiday to kick-start a stalled housing market, but warn that swift action is needed to prevent further inaction.

Janet Armstrong-Fox, Partner and Head of Private Client Property at Collyer Bristow comments:

“The residential market is all but at a standstill and will remain so until the current restrictions are lifted. Even then, a slow return to a buoyant is predicted. Clearly something is needed to kick-start the housing market. We echo RICS call for a stamp duty relaxation, not just for first time buyers but for those moving up the housing ladder.

We recognise that this will be a sizeable challenge for Government: stamp duty has been a cash cow for HMRC coffers and will come at a time when it will be looking to increase tax revenues following the extensive support offered throughout the Covid-19 crisis.

Whilst a stamp duty holiday is unlikely, a reduced rate for a set period of time for homes under a £500,000 threshold, and perhaps even higher in London, would provide the stimulus needed to reignite the market.”

But Janet adds a note of caution:

“We would urge the Government to act swiftly in introducing a relaxed stamp duty regime as the rumours of such a move may further dampen the housing market with buyers and sellers waiting for fear of missing out on some impending relaxation.”

Message us with any questions

Related latest news PREV NEXT

Arrow Back to News

News

Coronavirus: Housing market needs a stamp duty holiday but swift action is needed

Today (23/4/20) we echo the Royal Institution of Chartered Surveyors (RICS) call for a stamp duty holiday to kick-start a stalled housing market, but warn that swift action is needed to prevent further inaction.

Published 23 April 2020

Key Contacts

Today (24/4/20) we echo the Royal Institution of Chartered Surveyors (RICS) call for a stamp duty holiday to kick-start a stalled housing market, but warn that swift action is needed to prevent further inaction.

Janet Armstrong-Fox, Partner and Head of Private Client Property at Collyer Bristow comments:

“The residential market is all but at a standstill and will remain so until the current restrictions are lifted. Even then, a slow return to a buoyant is predicted. Clearly something is needed to kick-start the housing market. We echo RICS call for a stamp duty relaxation, not just for first time buyers but for those moving up the housing ladder.

We recognise that this will be a sizeable challenge for Government: stamp duty has been a cash cow for HMRC coffers and will come at a time when it will be looking to increase tax revenues following the extensive support offered throughout the Covid-19 crisis.

Whilst a stamp duty holiday is unlikely, a reduced rate for a set period of time for homes under a £500,000 threshold, and perhaps even higher in London, would provide the stimulus needed to reignite the market.”

But Janet adds a note of caution:

“We would urge the Government to act swiftly in introducing a relaxed stamp duty regime as the rumours of such a move may further dampen the housing market with buyers and sellers waiting for fear of missing out on some impending relaxation.”

Key Contacts

Need some more information? Make an enquiry below.

    Subscribe

    Please add your details and your areas of interest below

    Specialist sectors:

    Legal services:

    Other information:

    Jurisdictions of interest to you (other than UK):

    Article contributor

    Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

    Subscribe to our articles

    Message us on WhatsApp (calling not available)

    Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

    I accept Close

    Close
    Scroll up
    ExpandNeed some help?Toggle

    Get in touch

    Get in touch using our form below.