Ahead of the Spring Statement on Wednesday 26th March, Jonathan Handford (pictured), interim managing director at Fine & Country, emphasised several key proposals aimed at stimulating the property market.
Handford said reducing Stamp Duty would spur market activity since it is set to rise to pre-September 2022 levels from 31st March.
Handford said: “At a time when borrowing costs remain high, the additional burden of Stamp Duty acts as a deterrent, discouraging homeowners from moving.
“For many would-be movers, particularly families looking to upsize or older homeowners considering downsizing – the upfront tax cost is simply prohibitive.
“Reducing Stamp Duty would not only make it more affordable to move, but the resultant increase in transaction volume would likely offset any shortfall in per-transaction revenue for the Treasury.”
Handford added: “More importantly, it would deliver a significant boost to the broader economy.
“A more fluid, less-taxed housing market is a win for everyone.”
He also advocated for a reintroduction of a modernised Help to Buy scheme to support first-time buyers.
He said: “First-time buyers are the foundation of the property market. Without their ability to take that first step, transaction chains stall.
“A reimagined, better-structured Help to Buy scheme would breathe fresh life into the market, empowering younger generations to buy their first home, while simultaneously unlocking transactions further up the chain.
“It’s not simply a case of helping individuals; it’s about underpinning a vital sector of the UK economy that touches millions of lives.”
Addressing the housing shortage, Handford highlighted the need for planning reform to boost supply.
He described the current planning system as outdated and restrictive.
He added: “We need a planning process that is streamlined, transparent, and supportive of responsible development.
“Unlocking land, cutting bureaucratic red tape, and encouraging quality housebuilding in the right locations will provide much-needed housing options and drive economic growth.”
Handford concluded by calling on the Government to act proactively in the upcoming Budget.
He said: “The property market is a cornerstone of the UK economy.
“By reducing Stamp Duty, reintroducing a modernised Help to Buy, and reforming the planning system, the Government can stimulate growth, increase affordability, and provide long-term stability.”
