David Bexon, Managing Director of smartnewhomes.com, said:
"The end of the stamp duty holiday does not spell the right message to the fragile recovery of the property market. Markets depend on sentiment and it is a pity that the Chancellor has failed to inject more positive impetus into the housing sector. As it is Stamp Duty Land Tax (SDLP) has brought the Treasury just over £2billion this year when in 2007 more than £5billion was raised. By not stimulating the new build housing sector or the property market generally the Chancellor has also restricted the revenue for the government's coffers.
Ending the stamp duty holiday could counteract the slight recovery for the property market which is only just finding its feet. Instead, the government should be considering ways in which to stimulate the market rather than discouraging people to buy new homes, especially those trying to hop on to the first rung of the ladder. Removing stamp duty altogether for first time buyers or raising the tax thresholds is the obvious and infinite better idea."
See Also: Property News (5994), Press Releases (379), Stamp Duty (25), Stamp Duty Holiday (6), David Bexon (14), Stamp Duty Land Tax (1), The Smart Comment (19)
Date Published: 09 December 2009
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