Would a suspension of stamp duty really make that much difference to the housing market?
It would appear so.
During the the 12 months after the suspension in 2008 (on duty for sales up to £175,000), an extra 14,000 properties were sold in England and Wales than in the previous year.
What makes this fact even more surprising is that this surge of sales happened during a difficult time for the housing market following the crash of 2007.
The effect of a suspension would be most appreciated by first time buyers to whom not paying stamp duty could mean they can now afford to buy rather than continue to rent.
This of course then has a knock on effect for the rest of the property market as those looking to move up the ladder from their first home are much more likely to find a buyer themselves.
For more information on this subject, or any other property related matter, please call your local office below who will be happy to help and who can arrange a FREE VALUATION for your property.
Sheffield City Centre – 0114 2413430
Chapeltown – 0114 2459696
Wickersley, Rotherham – 01709 500333
Parkgate, Rotherham – 01709 300333