Priorities for the new government

The first 100 days in power are crucial for any new government as they set the tone for their term in office and lay out their policy priorities.

We’re delighted to be included in this PrimeResi Journal article, where leaders from across the prime property sector offer their views on what those policies should be, including our own founder and director Jennie Hancock who makes the case for freeing up the market by scrapping stamp duty for downsizers.

Jennie says: “The most straightforward and effective policy the new government could introduce would be to scrap Stamp Duty for downsizers with immediate effect. After two years of stagnation, the economic benefits of kick-starting the housing market again by removing the enormous disincentive to move at the top, would be immediate.

“We have sellers moving from a £3m home to £2m who are looking at a Stamp Duty bill of over £150,000. It’s a huge deterrent. So many people are living in beautiful big houses they have owned for 25 years, which are now far too big for them, but they just can’t face handing such a large chunk of their children’s inheritance to the tax man. At the same time, there’s a multitude of frustrated family buyers looking for their forever home but good quality 4 and 5-bedroom properties are few and far between. Removing the Stamp Duty barrier for downsizers would incentivise them to move and re-energise the market at every level.

“Stamp Duty is such a prohibitive tax, and that was clear for everyone to see when the temporary Stamp Duty holiday was introduced during covid. In over 30 years of working in the housing market, I’ve never experienced such a turnaround in the market, and the wider economic benefit of all those thousands of home moves would have no doubt been significant. Whilst I would love to see the tax permanently scrapped altogether that seems highly unlikely, so downsizers would be an excellent place to start.”

You can read the full article on PrimeResi here, if you’re a subscriber.