Could cancelling Stamp Duty benefit residential market?

Without a doubt mortgage rate rise and cost of living rise has had a big impact on the housing market.

While we have seen small drops in the property prices, the general struggle with everyday budgeting hasn’t prompted any changes and transaction levels are low.

If more houses are in stock for sale, prices will drop further but experts believe that the way to encourage housing market moving forward would be to abolish stamp duty.

Residential market is struggling due to economy in general because let’s face it UK and many parts of the world are all struggling these challenges and so many consumers are waiting to see which direction if any they pursue when all becomes clearer.

Abolishing stamp duty could have positive effect on the housing market and would certainly give more confidence to consumers making the move to buy or move home that is better suited for their family.

It could also encourage older homeowners downsizing and freeing up larger homes for families who need more space.

By removing this financial burden, it would result in increase in the number of people wanting to sell and buy.

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Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.  Think carefully before securing other debts against your home.

Information sourced & for full article please visit Mortgage Introducer: Abolishing stamp duty – why it would benefit the residential market | Mortgage Introducer (mpamag.com)

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