In The Press…

On Wednesday, The Chancellor announced the Autumn Statement, which gave our Director, Jennie Hancock, the opportunity to provide her reaction to it. One of the big trade titles, was Prime Resi…

Jennie said:

“It’s a huge shame that The Chancellor did not announce any plans to help boost momentum within the property market. Evidence from various data analysts show that transactions have slowed down, and one of the biggest factors is downsizers feeling trapped in their large family homes due to the high cost of moving costs – the majority of which is stamp duty. They are key to unlocking the gridlock across the whole property market, as if you release pent up demand from the top, it will trickle down the housing ladder. At our end of the market, clients tend to be downsizing within the same tax threshold – £1.5million+, where the SDLT is a hefty 12% – or the one below, 10%. It is seen as such a huge expense which could be spent on extension or renovation plans instead. The Government therefore needed to do something to help get momentum going as by encouraging downsizers to move, it would have had a positive effect on the rest of the market – right down to first time buyers.”