Stamp duty relief 'very little, very late'
Gordon Brown's announcement today (September 2nd) of a relief in stamp duty will come as "very little, very late" to house hunters.
That's the opinion of one James Hyman, of Cluttons, who believes that the stamp duty holiday will do little to encourage people to invest in a new home.
With house prices falling by record amounts both in the capital and across the UK, it also likely that many would-be home buyers will instead consider renting in London.
Mr Hyman said: "The change in the stamp duty threshold to £175,000 offers little benefit to the majority of homebuyers, as it falls far below the average property price in most regions of the country."
"This proposal is woefully inadequate and the industry deserves more, given the damaging effect of the stamp duty rumour mill."
The stamp duty holiday, announced by Chancellor Alistair Darling, is set to last for the next year.
Statistics released by the Bank of England last month revealed that the number of new mortgages in the UK had dropped by over 70 per cent in the last year.
Published 2nd September, 2008
© 2008 Estates IT Limited
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Gordon Brown's announcement today (September 2nd) of a relief in stamp duty will come as "very little, very late" to house hunters.