Reaction to the scrapping of Stamp Duty Reaction to the scrapping of Stamp Duty

Reaction to the scrapping of Stamp Duty

Published in Market Insights on 23 November 2017 by our Marketing Team

Pygott & Crone Director Tim Downing, reacting to today’s Autumn Budget said: “Although Mr Hammond kept us waiting until the end of the Budget, the housing crisis was significantly addressed today and, arguably the biggest announcement of the speech – the scrapping of stamp duty for first time buyers on properties under £300,000 – was also held back until the end.

“The drop in first time buyers was acknowledged – this was important to raise and the government obviously does realise that there is an issue and is aware that something clearly needs to be done to make it easier for people to get onto the property ladder. ‘The dream of home ownership’ was repeated a number of times and I feel that this does surmise the feeling of a lot of first time buyers in this country at the moment.

“Thankfully, in Lincolnshire we have a strong economy, house prices are comparatively lower to those in the south of the country and we have fresh stock coming to the market relatively regularly. That being said, there’s always more work to do and we welcome the government’s pledge to deliver 300,000 new homes per year and its promise to work closely with local authorities and developers to ensure that land with planning permission is used to its full potential.

“Our region has a significant amount of available land ideal for development and hopefully this government intervention will help get things moving.

“The creation of five new garden towns is certainly exciting news – the first location has been announced as being due to break ground in the Cambridge/Milton Keynes/Oxford corridor. This is great news but if the government really is committed to the Northern Powerhouse and Midlands Engine we really need to see more announcements for towns in our region – as Mr Hammond said himself, the wealth needs to be spread and not retained in London and its surrounding areas.

“Stamp duty has been a hot topic for quite some time so today’s announcement won’t come as a shock to many with regards first time buyers now being exempt from paying the fee on properties up to £300,000 which could see savings of up to £5,000 for first timers.

“Brexit is obviously still something that the property industry has concerns over and the government has committed significant investment to ensuring that our ‘deep and special’ relationship with Europe remains intact. I will wait to see how negotiations develop before commenting but confidence in the market has certainly returned following the referendum and, with the increase in skills and training investment also announced today I am confident that our industry will show itself to be resilient, hardy and productive following our exit and beyond.”

For more company news and insights from Pygott & Crone, click here

Members of the Relocation Agent Network

Part of a network of agents

We work with other trusted estate agents across the nation

Latest news

Help us make a difference to those in need this Christmas
Campaigns | 21 November 2022

Help us make a difference to those in need this Christmas

Donations for our local food banks are being gratefully received at your local Pygott & Crone branch

Is home staging worth it?
Magazine | 1 November 2022

Is home staging worth it?

Home staging is a specialised skill which involves creating the perfect atmosphere in your home using furniture and accessories, plants and lighting, to garner buyer interest for your property and sell it faster, for the best price.

Winterproof your home with these tips
Magazine | 1 November 2022

Winterproof your home with these tips

As autumn leaves us and dark evenings approach, now is the best time to start preparing your home for the cold months ahead.

One in three properties receive an offer one hour after viewing
Magazine | 1 November 2022

One in three properties receive an offer one hour after viewing

The housing market once again exceeds expectations after a poor reception from the chancellor’s mini-budget and regular talk of a possible slowdown, as current research suggests that in 2022, almost a third (31%) of properties are now receiving offers within an hour, compared to a mere 7% in 2018.

Chat live

Chat live with a member of staff

Please provide your name and email address to continue.


We use some essential cookies to make our website work; and we use some other cookies to help us improve our website without identifying you. You can accept all cookies or change your settings below.

For an explanation of cookies and how we use them, see our cookie policy here (opens in new tab). Below you can choose to enable non-essential cookies.

These are anonymous and help us understand how our website is used.