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Government’s stamp duty cut has failed to increase house sales

The Royal institute of chartered surveyors has said that the governments cut on stamp duty for first time buyers has failed to have an effect on the number of house sales.

 

9 out of 10 surveyors said they saw no increase in the amount of house sold to first time buyers since the government introduced the cut two months ago.

 

However, Theresa May has said that over 16,000 people have saved thousands as a result of the changes made. She also said that the changes had an ‘immediate effect and that millions of first time buyers would benefit over the next five years’.

 

Property firms were asked whether they thought the policy would increase sales for first time buyers and 66% said they thought it would not.

 

Simon Rubinsohn, RICS chief economist, said: “The initial feedback from the market doesn’t suggest that the change in the stamp duty regime announced in the budget is going to have a material impact on activity.