Conveyancing comment on mini-budget from ONP Group
Following the chancellor’s ‘mini-budget’ this morning and the announcement of changes to stamp duty, Nick Hale, ONP Group CEO, says: “The cut in stamp duty should have a positive effect for first-time buyers and for people more generally, with the nil rate band being lifted to £250,000. This initially appears to be good news, but it could be counterproductive if it actually pushes house prices up further as we have seen previously, mitigating the savings in tax.
“A Stamp Duty change so soon after the last one ending in September 2021 will certainly have sent a ripple through the industry and caused concerns of the last year repeating itself, but the news that thresholds have moved permanently would have been very much welcomed by the conveyancing industry today.
“Stimulating the market with a long-term legislative change will take further pressure off the industry expecting firms to meet deadlines and we can focus and work together to bring our pipelines down.”