Spring CEO responds to Stamp Duty Holiday

Spring CEO Cormac Henderson, a recognised industry voice has expressed his concerns for the change in ‘Estate Agent Today’. Cormac discusses his disappointment at a key fundamental flaw the stamp duty change fails to address.

‘While this help for the lower and mid ends of the market is welcome, what about last time buyers? It’s extremely disappointing not to see a much called for one-time stamp duty exemption for older downsizers who collectively hold the key to unlocking our housing market. This would stimulate the market at the top end, allowing people to move into fit-for-purpose accommodation while also freeing up family homes for those who need them most’.

Cormac continues to add, ‘It would also have been good to see an exception of the additional 3% stamp duty levy for registered Home Buying Services who provide much-needed liquidity by unblocking broken chains and are an unintended consequence of this surcharge. By providing this service to developers and individuals we can bring the much-needed stock back into circulation, however, the additional tax reduces the prices we can pay, ultimately having a negative impact on the market and consumers’.

Spring CEO Cormac Henderson

Read the full article here:

https://www.estateagenttoday.co.uk/breaking-news/2020/7/stamp-duty-mayhem-conveyancers-may-not-cope-warn-agents