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Dudley Building Society > News > Stamp Duty cut very welcome

Stamp Duty cut very welcome

Stamp Duty cut very welcome

8th July 2020

Dudley Building Society’s Chief Executive, Jeremy Wood, believes that today’s announcement of a cut in stamp duty can only have a positive impact on the housing market.

He said, “While there has been talk that the Chancellor’s leaked proposals for a temporary cut in Stamp Duty would only benefit a small part of the market, I don’t agree. The actual announcement will help stimulate the market, assist buyers of all types and go some way to cutting the costs of downsizing for many older homeowners who, up to now, have been put off freeing up their property for a new generation because of the stamp duty levy on purchasing a new, smaller home.

The effect will also cause a ripple effect and benefit ancillary services, such as property conversion, renovations and DIY as well as help estate agents retain and recruit staff. ON top of that, demand for funding can only help mortgage brokers and lenders regain some of the lost ground caused by COVID-19.”

Jeremy added, “This is a bold move and while it denies much needed tax revenue to the Treasury in the short term, the overall stimulus should more than offset any immediate loss.”