The Chancellor of the Exchequer, Rishi Sunak, is set to make his Summer Statement (a mini-budget) with some expected stimuli in a post coronavirus UK.
In a no doubt 'leaked' news item, the Government looks set to announce a 6-month stamp duty holiday in tomorrow's Summer Economic Update (Wednesday 8th July 2020).
Plans could see the stamp duty threshold have a temporary increase from £125,000 to between £300,000 and £500,000.
In the UK, first time buyers are already exempt from stamp duty on the purchase of homes under £300,000 and in London £500,000 and any extension for all buyers could prompt an injection in housing activity.
There are many things that the Chancellor will need to do to boost the UK economy over the coming years and perhaps the easiest one is to artificially drive up the housing sector to prevent a negative equity trap. Whether this is good for first time buyers if house prices increase is another story.