Commenting on the changes announced today, Paul Broadhead, Head of Mortgage & Housing Policy at the BSA, said:

"The changes to Stamp Duty announced by the Chancellor this morning (23 September 2022) will be welcome news for first-time buyers and those moving home, even though quarterly consumer research dating back to 2008[^1] has never shown the tax to be a major barrier to home purchase.

"As these Stamp Duty changes are permanent, they will have less of a distortionary impact on the market than the short-term interventions we have seen in previous years. However, while they support demand, unless we see more action to support the supply of new housing the changes could just push up prices. We therefore need the detail, including timings, on the Chancellor’s plan to release unused Government land for house building and the promised reforms to planning. "

Ends

^[1] BSA Property Tracker