Stamp Duty Holiday Call By Surveyors

Once the UK comes out of the Covid-19 coronavirus lockdown,  the Royal Institution of Chartered Surveyors (RICS) has suggested a stamp duty holiday for all home buyers to kick start the property market.

Over the last month demand for homes, newly agreed sales and house price forecasts have been at their lowest recorded level and surveyors expect this to continue for the next 3 months.

• 21% of surveyors back in February expected house prices to for a short time to rise rather fall.
• 82% of surveyors by March said house values would fall.
• 40% of surveyors over the next 12 months expect house prices to fall further

Hew Edgar, RICS Head of Government Relations said: “After restrictions have been lifted a stamp duty holiday would help the housing market regain quicker”.

RICS members feel that due to home buyers finances being under strain and buyers lack of confidence, a stamp duty holiday would be the best way to help the housing market restart as short term measure.

Comment

We tend to agree but suggest it would more likely be a reduction only given the costs incurred by the government already.