Estate Agent Today: CEO Cormac Henderson responds to the stamp duty ‘holiday’

stamp duty
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National Property Trade CEO Cormac Henderson, a recognised industry voice has expressed his concerns for the change in ‘Estate Agent Today’. In the published article dated 9th July, Cormac discusses his disappointment at a key fundamental flaw the stamp duty change fails to address.  

While this help for the lower and mid ends of the market is welcome, what about last time buyers? It’s extremely disappointing not to see a much called for one-time stamp duty exemption for older downsizers who collectively hold the key to unlocking our housing market. This would stimulate the market at the top end, allowing people to move into fit-for-purpose accommodation while also freeing up family homes for those who need them most’.  

Cormac continues to add, ‘It would also have been good to see an exception of the additional 3% stamp duty levy for registered Home Buying Services who provide much-needed liquidity by unblocking broken chains and are an unintended consequence of this surcharge. By providing this service to developers and individuals we can bring the much-needed stock back into circulation, however, the additional tax reduces the prices we can pay, ultimately having a negative impact on the market and consumers’ 

CEO Cormac Henderson  

Read the full article here:  

https://www.estateagenttoday.co.uk/breaking-news/2020/7/stamp-duty-mayhem-conveyancers-may-not-cope-warn-agents