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Stamp duty holiday nearly over

Commenting ahead of the end of the stamp duty holiday, Jan Crosby, head of infrastructure, building and construction at KPMG UK, said.

Commenting ahead of the end of the stamp duty holiday, Jan Crosby, head of infrastructure.

“The stamp duty holiday has transferred directly into house prices – driving rates of increase to circa 10 percent over the last year. It wasn’t needed at the time as demand was already visibly strong, reflected by the rates of sale, and this continued to be the case when the holiday was extended.

“While the holiday was welcomed by the sector and house buyers, its benefits have passed to those already on the housing ladder rather than those wanting to get on the first rung.  Unfortunately, seeing such high house price inflation further encourages those renting to get on the market for fear of missing out on growth and it becoming even more unaffordable.  Inflation breeds further inflation, until of course the music stops.

“What is needed is more affordable housing; placemaking rather than urban sprawl and beautiful houses that future generations can be proud of.  Involving local communities is critical and linking housing to new infrastructure that makes a difference to them. Transport, health, education, employment and green parks will all help with local buy-in.”

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For further media information contact:

 

KPMG Media Relations:

Tel: +44 (0) 207 694 8773

 

Simon Wilson

Tel: +44 (0) 77853 373 397

Email: simon.wilson@kpmg.co.uk   

 

About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organisation of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. 

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