🏘️ 'Bonkers' stamp duty cut could inflate house prices and price out first-time buyers 🔎 Analysis by Victoria_Spratt
A cut to stamp duty might sound like a gift from the government to prospective homebuyers and movers but, in reality, very recent history shows that it may be one that ends up costing them later.
A cut to stamp duty might do the former but the homes people buy may end up costing them more. And it is unlikely to do the latter. Sunak’s stamp duty break, which ran from July 2020 to September 2021, was intended to stimulate the housing market which was frozen in the first lockdown of 2020. It initially raised the, with potential tax savings for buyers of £15,000. The holiday was tapered in its final three months to a threshold of £250,000 and maximum stamp duty savings of £2,500.
Such house price inflation has made it harder for first-time buyers to purchase homes and seen the introduction of new credit products in the shape ofwhich are designed to help people borrow against these high prices but mean really that those who have the least are borrowing more for longer at higher rates.
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