Gary Bailey, managing director, Hope Capital, said: ““A nine-month increase in the Stamp Duty threshold is a welcome move which should kick-start the property market again after an extremely difficult Q2 for everyone. We’re also very pleased that the Chancellor gave such a clear statement, leaving no room for doubt that the increased threshold would come into force immediately.
“But cuts to Stamp Duty don’t change the fundamentals for many people who struggle to save for a deposit.
“A contributing factor to this is the amount of rent they have to pay, which has increased in recent years as landlords have had to pass on the extra costs of acquiring the property, Stamp Duty, and other recent tax increases. A review of these, alongside a wholesale review of Stamp Duty, including buy-to-let and the second home surcharge, is long overdue.
“Revising these provisions could bring down rents in the private rented sector, making it easier to save for a deposit.”