Has last week's Budget represented another missed opportunity to get the UK housing market moving again? Residential Sales Director, William Wells, says that the lack of Stamp Duty reform means that an increasing number of people will decide not to sell, clogging the market further.
He comments: "It's extremely frustrating that once again the Government has failed to provide the housing market with a cut in Stamp Duty for UK residents. This is a reform which had been long anticipated and is still desperately needed to help get the housing market back on its feet.
"What the politicians seem to fail to appreciate is that without the changes to Stamp Duty that we have been advocating, older homeowners will rule out downsizing, meaning that their homes will be unavailable for a younger generation to buy.
"In turn, the amount of available housing stock out there will decrease, with the rules of supply and demand meaning that both prices and rents will rise as a result. This is precisely the opposite of what the Government is trying to achieve."
William Wells also says that the recent surge in demand for equity release is proof that older people are seeking an alternative way to unlock cash from their homes.
He explains: "There was a record £3.6bn withdrawn from houses in 2018 alone - and the latest lack of action from the Chancellor is only likely to fuel that boom still further, continuing to distort the property market and hamper social mobility. Those making use of equity release might also be waving goodbye to the option of passing on their home to loved ones in the future.
"After, it's not the fault of people whose homes have appreciated in value that their properties have done so - which is why it's so unfair to have such punishing levels of tax preventing them from moving when they want to.
"The property industry hopes the current housing minister will stay in place for more than a few months and we will get condiered and joined up policy. Stop selling off council housing, accept private landlords are normally fair and reasonable and stop making house moving so eye-wateringly expensive."