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Stamp duty tax debate ‘welcome’

The abolition of stamp duty for many first-time buyers should spark a wider debate over the taxation of property, surveyors say.

 

First time buyers purchasing a property for under £300,000 no longer have to pay stamp duty due to a change in last months budget.

Along side this properties costing up to £500,000 now have no stamp dity paid on the first £300,000.

 

The Royal Institution of Chartered Surveyors (RICS) said that the move was unlikely to affect the market.

Prices and activity were relatively stagnant immediately after the change.

 

Chancellor Philip Hammond said this meant 95% of first-time buyers would see stamp duty cut, while 80% would pay none at all.

 

Prediction for 2018

 

The trade body for mortgage lenders predicted no return for the scramble for properties seen before the financial crisis for at least the next two years.

 

According to UK Finance the number of properties is expected to remain at about 1.2 million for the next two years and It expects a slight rise in lending next year compared with its previous forecast.

 

First-time buyer activity was more buoyant than it had expected this year, owing mainly to government schemes aimed at helping people buy their first home.