Mullucks Wells
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Mullucks Wells Berates Budget as a “Missed Opportunity”
Mullucks Wells has described Alistair Darling's first Budget as a missed opportunity to transform the fortunes of the housing market and the wider economy.
William Wells from Mullucks Wells was speaking out after the Chancellor failed to announce reform of the stamp duty thresholds whilst at the despatch box in the House of Commons last week.
He said: "The fact that the Chancellor chose to freeze stamp duty thresholds was a missed opportunity and shows just how out of touch he is with the state of the property market. Sadly, his announcement of stamp duty relief for those in shared equity schemes is just tinkering at the edges of the problem. The move will have almost no impact whatsoever on the majority of first time buyers."
Stamp duty is currently levied at 1% on properties valued above £125,000, rising to 3% on those valued over £250,000, and at 4% in the top band over £500,000.
William Wells added: "The levels of stamp duty in this country are prohibitively high and the thresholds have not kept pace with the increase in house prices over the last ten years or so. Nearly all homes in this area fall above the £125,000 threshold, so they are subject to the tax anyway.
"This has an impact on the wider economy too. When the market is in the doldrums, punitive charges like this means there's little incentive for people to buy. And that has a knock-on effect for other businesses - such as lawyers, banks and building societies.
"Whilst I have some sympathy for the Alistair Darling's baptism of fire as Chancellor, he needs to focus on the property market and take decisive action now - or he will find himself forced into taking action later, when it might be too late."
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