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, Propertyfinder.co.uk
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't think Stamp Duty will be cut because it's bringing in too much revenue for the government.