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Stamp duty scrapped: Reaction from Richard Donnell, Insight Director at Hometrack PDF Print E-mail
Wednesday, 22 November 2017
Richard Donnell, Insight Director at Hometrack, comments: “The Government is right to focus its long term solution on increasing supply. The decision to abolish stamp duty for first-time buyers will provide some comfort to young people wanting to join the property ladder, but it fails to address the biggest barrier for first time buyers which is the level of income required to pass lender affordability tests. Saving a thousand pounds or more on stamp duty doesn’t address affordability for first time buyers in south eastern England, but for those that can get a mortgage it will be a welcome bonus. 

“On growing supply its vital to move on from the numbers debate to targeting supply into the ‘pinch points’ of the market. Two thirds of private housing is made up of homes with three bedrooms or more, while 75% of all new builds follow the same blueprint. The housing market requires a greater a mix of properties, principally smaller sized two bed homes that meet the needs of first time buyers and those looking to down trade. Expanding supply for smaller sized homes is the quickest way to start to make housing more affordable for a wider group of households.”
 

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