Stamp Duty Overhaul Could Bring Boost to Housing Market During Brexit

Stamp Duty Overhaul Could Bring Boost to Housing Market During Brexit

The housing market is expected to remain strong throughout the summer, but things could change up as autumn arrives. With Brexit set for a deadline of October 31, experts believe the housing market could hit a slump. To evade that situation, there are those that see a solution by an overhaul of the stamp duty. By raising the level it could entice buyers to the market, especially first time buyers.

Reform to the stamp duty could come in early October as there is an emergency budget meeting scheduled for October 7 which would be right in time to boost the market prior to Brexit.

New Prime Minister, Boris Johnson, suggested that the stamp duty level be raised from the current £125,000 to £500,000. There is also a suggestion to assist those buying high cost homes by reducing the top rate from 12% to 7%.

In the past, when the stamp duty was adjusted it led to a big boost in the housing market and because the housing market plays a strong role in a healthy economy, anything that could offer growth would be important. This is especially true during the uncertainty of Brexit.

By lowering the costs of getting onto the property ladder or moving home, adjusting the stamp duty could offer the opportunity buyers need at a time when a kick to the market would be the most beneficial. Brexit is clouded in uncertainty, and saving money from an adjusted stamp duty offers an opportunity that will surely be well received should it happen.

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