Solicitors at a leading North Wales and Shropshire law firm have expressed bitter disappointment that the Chancellor did not announce a reduction in Stamp Duty for homebuyers when he delivered his Autumn Statement today.
Peter Blakemore, a Solicitor in the Wrexham office of GHP Legal believes a reduction in Stamp Duty Land Tax (SDLT) would have provided the boost that is needed to kick-start the property market and subsequently the general economy.
"The 3% Stamp Duty payable on properties sold in the £250,000 - £500,000 bracket is alleged to account for the staggering 89% drop that the UK has seen in home sales during recent times," said Mr Blakemore, speaking just hours after the Budget speech. "And whilst GHP Legal has seen some growth in conveyancing instructions over the past two to three months, a reduction in SDLT could have made a substantial difference to the recovery of the housing market as a whole."
"The average cost of a home in the UK is now edging towards the £250,000 and a ‘risk' band has been created just above that 3% threshold whereby sellers have to choose between taking a hit on selling for a lower price to keep beneath it, or waiting long enough for prices to rise well in excess of it. So the whole market is effectively being distorted by the stamp duty taxation."