Commenting on the Chancellor’s decision to abolish stamp duty for first time buyers purchasing properties worth up to £300,000 Helen Morrissey, personal finance specialist at Royal London said:
“The Chancellor’s decision to abolish stamp duty for first time buyers purchasing a property worth up to £300,000 may sound like a good solution to helping young people onto the housing ladder but in reality it doesn’t go far enough as it doesn’t help those further up the ladder who can’t afford to move.
“The current stamp duty regime is depressing the housing market and preventing thousands of transactions from going through. First time buyers can’t buy homes if current home owners can’t afford to sell them and so we need a much wider ranging review of stamp duty if we are to get a more fluid housing market.”
She added: “As it stands millennials could still have so little buying power that they’ll need the new 18-30 railcard simply to cover the cost of their increasingly long-distance commutes.”
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.