David Westgate responds to Budget
Commenting in response to the fact that today’s Budget announced that Stamp Duty would be abolished for all first-time buyers of shared ownership properties valued up to £500,000, David Westgate, Chief Executive, said:
“News that Stamp Duty would be abolished for all first-time buyers of shared ownership properties up to £500k should be welcomed. I have made no secret of my views on how harsh Stamp Duty charges have aggravated an already sluggish market and any move that will lessen the impact felt by purchasers is good news.
"“It doesn’t, however, go far enough and I maintain the view that a complete and thorough review of Stamp Duty is still required. Such a review would result in radical change and whilst that might mean lower individual receipts in to the Exchequer, the impact it would have on overall volumes would at least cancel that out.
“Let’s hope that today’s announcement is just the start of a move towards a fairer system of Stamp Duty.”