Commenting on the stamp duty reforms on residential property announced in the Chancellor’s Autumn Statement today, Charles Haresnape, Managing Director, Mortgages and Commercial Lending at Aldermore Bank said:
“This is a very positive move, particularly for buyers, which I welcome and it is likely to keep the demand for housing on an upward trajectory, despite the slight dampening in the market recently. The changes apply from midnight tonight which means that homeowners will instantly benefit from these reforms. For example, a Help to Buy customer will save £650 under the new reforms if they buy a £185,000 property.
“That said, these reforms must be linked to sufficient supply side policies, in addition to proposed new towns to ensure that demand doesn’t outstrip supply.
“The stamp duty changes are bound to have an impact upon house prices, with sellers at the both ends of the market likely to attract buyers by undercutting the new tax bands of £250,000 and £925,000."
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