Countrywide plc comments on the Autumn Statement

Countrywide Group

Thursday, December 4, 2014

Commenting on Chancellor George Osborne’s Autumn Statement, Alison Platt, Group Chief Executive of Countrywide plc, said:

“Countrywide helps more people move home than any other agent in the UK, as such it is imperative that we get Britain moving and help the millions of people looking to own a home get on the housing ladder.

“We welcome the Government’s decision to implement a progressive and fairer Stamp Duty Land Tax system, enabling more people throughout England and Wales to buy their first home or move up the housing ladder.

“We would have liked the reform of the system to go further and have been calling on the Government to scrap Stamp Duty for properties under £250,000, which would have a small impact on tax receipts as only 13% of Stamp Duty comes from properties worth less than £250,000.

“The new Stamp Duty system is likely to attract more homebuyers to the market and so for those who are thinking of selling their property, there has never been a better time. Equally for buyers, a stable interest rate environment and the availability of a range of attractive mortgage products, means that now is an ideal time to purchase a home.

“We also welcome the announcement of a business rate review but the postponement by the Government of the next Revaluation, means that much-needed change cannot be delivered before April 2017. It would be much more equitable for businesses if the government re-assessed rates on a more frequent basis, and removed the imposition of full rates on empty commercial and industrial properties.”

Graph showing the price differential between the old and new Stamp Duty Land Tax systems

The changing burden of the stamp duty.JPG

-Ends-

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