With less than a week to go until all eyes are on Philip Hammond as he makes his Autumn Statement, Henry Fordham, MD of family-run London & Homes Counties housebuilder Bellis Homes shares his hopes for the announcement:
“We hope that the chancellor will eliminate stamp duty for first time buyers. Such a policy would support market entry and aid transactions which are being suffocated at present with the number of home purchases blocked by stamp duty doubling over the last five years.
“A reduction would catalyse market activity and prompt transactions from both down and upsizers which are currently inactive due to the implications of stamp duty. An increase in residential transactions would benefit and balance the economy tremendously as a whole.
“That said, we do hope that Hammond does not try to balance this cut for FTBs by increasing stamp duty on prime housing assets. Such an increase would further restrict those up the ladder wishing to move – a significant proportion of the UK housing market and one which supports the livelihoods of thousands within the industry.”