The Royal Institute for Chartered Surveyors (RICS) and The National Federation of Builders (NFB) have asked the government for a stamp duty holiday once the lockdown ends. Builders are also calling for the government to encourage sales once the current activity slows down. Rico Wojtulewicz, head of housing and planning policy at the House Builders Association (HBA) stated: “A temporary stamp duty holiday is another immediately deliverable solution that the government should pursue. Any delay in increasing support to our industry will see businesses go to the wall and once one goes, the domino effect will be striking.”
The request comes after the latest RICS predictions, which shows a large net balance of its members believe house prices could fall over the next 12 months. One of the major influencing factors in this is transaction numbers. As fewer people are inclined to buy at a high price due to lack of confidence, sellers are pushed to reduce their prices.
For full article read here: https://www.homesandproperty.co.uk/property-news/stamp-duty-holiday-coronavirus-uk-property-sales-a138011.html
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