Wednesday 22 November 2017

Alison Platt, Countrywide CEO responds to stamp duty cut for first-time buyers

"The Chancellor’s Budget brought some very welcome help for the housing market today.  Reducing stamp duty for first-time buyers will help many start their housing journey and boost activity. And the extra money to get housebuilding numbers up should help to relieve some pressure in the areas of highest housing demand. But there are still things to do.

Stamp duty is a significant hurdle for all buyers, not just first -time buyers. It is activity amongst movers that is most critical to the growth of transactions in the wider housing market. While first time buyers face affordability issues, so do movers and without making it easier for these second steppers to move on the supply of property to buy will always be limited, adding more to price pressures.

And it is no longer realistic to look at the housing market with a focus on home ownership alone. The rented sector is, and will continue to be, a hugely important part of the provision of housing in this country. The UK housing market needs a co-ordinated tenure neutral approach to addressing the problems in the market which recognises the changes in tenure choices already taking place."

Alison Platt, Countrywide Group Chief Executive Officer