Speaking in response to the Chancellor’s Budget announcement earlier today, David Westgate, Group Chief Executive at Andrews Property Group, commented:
“Being a regular commentator on the need for Stamp Duty to be reformed, it is encouraging to see that the Chancellor has announced that stamp duty will be abolished for first time buyers on property purchases of up to £300,000 and for higher value areas such as London, on the first £300,000 of a property’s price. It doesn’t, however, go far enough in my view.
“Stamp Duty is one of the biggest, if not THE biggest, obstacles in getting our housing market really moving and I, along with many others, would have welcomed the removal, or at least reduction, of the surcharge on second properties.
“The Chancellor’s pledge to guarantee that 300,000 new homes are built each year is to be welcomed. A lack of supply is currently skewing the market and has for a long while needed to be addressed. However, the proof here will be in the pudding. Simply, this is a very complex subject and isn’t just a case of building more properties. To successfully achieve this, we need to start with an assurance that the planning system is fit for purpose and won’t encroach the realisation of this much needed target.