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Stamp duty cut welcome, but was it needed?

Stamp duty cut welcome, but was it needed?

Summer Statement 2020.

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Commenting on the Chancellor’s Summer Statement, Jan Crosby, UK head of infrastructure, building and construction at KPMG, said:

“The stamp duty cut until 31 March will be welcomed by the housing sector and those looking to move house.  However, the market has already been motoring since lock down has been relaxed – pricing has remained stable and new reservations have been high.  This has demonstrated the large pent up demand that still exists for home ownership and it has been accelerated towards family housing with gardens following people’s experiences through lock down.  The stamp duty cut may therefore not have been needed. More important is providing longer term clarity on help to buy, unlocking funding for SME housebuilders to play their part – many of whom have not been supported through CBILS and accelerating the provision of affordably priced key worker family accommodation across the country.

“Energy efficiency retrofitting has long been needed and the funding of £5,000 per household to kick start decarbonising existing housing stock is welcome. It should also have the double impact of providing funding to create the volume conditions needed to help with the maturing and perhaps lowering of price of energy efficiency technologies, while facilitating jobs for SMEs in the sector. All this comes alongside the welcome impact on the carbon footprint of existing UK housing, of course.”

-ENDS-

 

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