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Will there be a cut in Stamp Duty soon?

Blair told Labour Party workers: “We will increase the supply of new housing and will be helping people to get onto the housing ladder.” This sparked hopes that a cut in Stamp Duty may be on the cards for the first time since 1963.

So, Mortgage Strategy asks: “Do you think a cut in Stamp Duty is likely and if so, will it make much difference to first-time buyers or does the government still have to do more to help?”

John Stewart, PMI Independent Financial Advisers

Any reduction helps but Stamp Duty is only a small part of the overall cost of homebuying. One cut would be too little.

Miles Shipside, Rightmove

If the government was ever to consider a cut in Stamp Duty, now is very much the time to do it. It will give first-time buyers a leg-up onto the housing ladder and help those many vendors who are currently struggling to sell their properties.

Nick Leeming,

Stamp Duty is not only a problem for first-time buyers but also a pernicious tax on mobility for people further up the property ladder, making it prohibitively expensive to move home.

Mark Howell, Pink Home Loans

There is a 50/50 chance that the government will make a change to Stamp Duty. It has not been altered since 1963 when the average price of a house was £62,000. The average price of a house nowadays is £157,000.

Jim Buckle, assertahome. com

Stamp Duty is a tax on nearly all homeowners because the threshold is way below the average house price in every region. In our househunters survey 67% of respondents said the threshold should be raised to help first-time buyers and key workers even if it means higher Stamp Duty on everyone else.

Bob Riach, Riach Independent Financial Advisers

I don&#39t think Stamp Duty will be cut because it&#39s bringing in too much revenue for the government.


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