Stamp duty blocking 45000 property purchases a year

Making the housing market more valuble has been a topic for a long time. The stamp duty affects more expensive homes, but it could still jump start the housing market. If more people buy homes then property becomes more valuable. This could potentially allow new home buyers to move up and down the property chains. This does not mean that the stamp duty is taken away completely, there still will be precautions in place for potential abusers.

Key Takeaways:

A research study points to the stamp duty being a primary obstacle to first-time buyers hoping to own a home.
The expectation is the Chancellor will issue a break on stamp duty with a temporary tax holiday to help Millennial buyers.
To address concerns over wealthy investors benefits from the tax holiday, purchases over a certain amount would still pay some stamp duty.

“The number of home purchases blocked by the tax has doubled over five years, with first-time buyers, home movers and downsizers all affected”