Autumn Statement

 

Chris Dean, Partner at Chantries Estate Agent in Guildford, Surrey, says:

 

 

 

“The Chancellor’s Autumn Statement, as expected, detailed the new government’s plans to prioritise housing in the UK.

 

 

 

“A £2.3bn housing infrastructure fund will help provide 100,000 new homes in high-demand areas where supply is drying up, and an additional £1.4bn will be allocated to building 40,000 affordable new homes in England. This is definitely a step in the right direction.

 

 

 

“However, problems with the housing market cannot be fixed with investment alone. The high stamp duty tax means that many people choose to remain in their existing homes and extend or improve. This further strangles supply and the market is increasingly more static as a result.

 

 

 

“Recent statistics have shown that the tax income from stamp duty land tax has dropped sharply as transaction levels have fallen, and there have been 14000 job losses reported. It seems clearly that the stamp duty reform hasn’t worked.

 

 

 

While many agents were hoping to see a reversal to stamp duty rules this time, this wasn’t forthcoming. The Chancellor’s investment is to be welcomed, but there are other ways to boost the housing market and the wider economy.”

 

Chris Dean,

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Barnett Lane, Wonersh, Guildford, Surrey

3 bedroom

Guide price £650,000

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