Jonathan Stinton, head of intermediary relationships at Coventry Building Society, comments: “Stamp duty has continued to be a very lucrative source of income for the taxman, even with a large proportion of property purchases being exempt from it for over a year.<\/p>\n
\n“Clearly, there\u2019s still a very healthy market for higher value homes, second homes and rental properties.”<\/p>\n<\/blockquote>\n
Could the government change stamp duty long-term?<\/h4>\n
Stinton is one of several commentators who thinks there is scope for change in the property tax. He suggests the government could raise thresholds on stamp duty in order to stimulate the market. As average house prices continue to rise, bigger tax bills could deter buyers.<\/p>\n
He adds: “When the holiday ends in a few days\u2019 time, property tax bills for the average home buyer in England will be more than double than in 2014 when rates were last reviewed.”<\/p>\n
Former government minister Lord Willetts is another advocate for change. He believes a reformation could free up more housing stock, while also helping younger people.<\/p>\n
\u201cThe cost of housing is holding back the younger generation,” says Lord Willetts. “We need to get more housing onto the market for them. A Proportional Property Tax is key to this.”<\/p><\/blockquote>\n
“It would replace council tax which has become increasingly regressive and is particularly hard on young people.\u201d<\/p>\n
How the government will take stock of the housing situation could become clear on 27th October. This is the date set for the Autumn Budget and Spending Review. This will be the second Autumn Budget for Chancellor Rishi Sunak, where he will set out tax and spending plans for the next three years.<\/p>\n","protected":false},"excerpt":{"rendered":"
The stamp duty holiday which began in July 2020 comes to an end this month, with old rates coming back into play from 1st October. It’s had a huge impact, but what will happen now? In a bid to get the housing market moving, the government took drastic measures last year. Between 8th July 2020… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":6029657,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[85,207],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6036081"}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/comments?post=6036081"}],"version-history":[{"count":1,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6036081\/revisions"}],"predecessor-version":[{"id":6095867,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/posts\/6036081\/revisions\/6095867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media\/6029657"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/media?parent=6036081"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/categories?post=6036081"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-gb\/wp-json\/wp\/v2\/tags?post=6036081"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}