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| Budget 2017: Stamp duty relief will drive up house prices, says OBR | Budget 2017: Stamp duty relief will drive up house prices, says OBR |
| (35 minutes later) | |
| The stamp duty relief for first time buyers announced in the latest Budget is expected to drive up the cost of property, the Office for Budget Responsibility has said. | The stamp duty relief for first time buyers announced in the latest Budget is expected to drive up the cost of property, the Office for Budget Responsibility has said. |
| The OBR said that the move, announced by Philip Hammond on Wednesday, to scrap stamp duty for first time buyers of homes worth less than £300,000, is expected to boost house prices by around 0.3 per cent, with most of the increase happening in 2018. | The OBR said that the move, announced by Philip Hammond on Wednesday, to scrap stamp duty for first time buyers of homes worth less than £300,000, is expected to boost house prices by around 0.3 per cent, with most of the increase happening in 2018. |
| Mr Hammond said the move would cut the tax for 95 per cent of first-time buyers – and abolish it altogether for 80 per cent of them. | |
| In London and other property hotspots, stamp duty would be axed on the first £300,000 of a purchase price up to £500,000 – a cut of up to £5,000. | |
| House prices have surged in recent years, especially in places like London, and while Wednesday move was broadly welcomed, many said that it would not provide enough support to make a marked difference to younger generations’ ability to get on the property ladder. | |
| “While welcome, abolishing stamp duty is a drop in the ocean given the affordability challenge of getting Generation Rent onto the property ladder,” said Simon Heawood, chief executive and founder of property investment site Bricklane.com. | |
| “The focus on bridging the housing generational gap must lie on the all-important first rung of the ladder – saving up for a deposit. The issue of housing supply and price is important, but looking at measures to support Generation Rent’s ability to get together a deposit is crucial,” he added. | |
| The most recently available official data shows that annual house price growth across the UK stood at 5.4 per cent in September, up from 4.8 per cent in August. | |
| The average UK house price was £226,000 during the month, marking a 0.4 per cent increase on the previous month. |