Housebuilders urge Sajid Javid to set Budget date amid stamp duty confusion
Housebuilders on Monday urged the new Chancellor to set a Budget date, amid new stamp duty confusion adding uncertainty to the troubled residential market.
Bosses spoke out after conflicting weekend reports over stamp duty. Sajid Javid was said to be mooting a change that would switch the tax burden from buyers to sellers. However, he yesterday tweeted: “I wouldn’t support that.”
Javid has not yet decided whether to hold the Budget before October 31, when Britain is set to leave the bloc.
Housebuilder Bellway’s Jason Honeyman said: “Any speculation about stamp duty often creates delays as buyers often put off buying through fear of paying too much.”
He said an autumn review would be “helpful”.
Lauren Atkins, managing director of residential developer The Malins Group, said: “Stamp duty for sellers would be absurd. Constant speculation is damaging confidence of everyone looking to move or invest in property.”
She added: “An early Budget could make it clear what the Chancellor intends to do to help unlock the market.”
However, Galliard Homes boss Donagh O’Sullivan thinks getting sellers to pay stamp duty “would give a boost to transaction activity” in a sector that has seen Brexit dampen prices and demand.
