Andy Somerville, Director of Search Acumen, comments:
The cost of homeownership has departed the realm of reality for millions with the number of transactions in the £500,000 to £2million price bands doubling over the past ten years.
Today’s figures highlight the double edged sword of the UK property sector. Market conditions are pushing up house prices further and further, which in turn means buyers are facing higher stamp duty bills.
As we look ahead to the Autumn Budget, rumours of stamp duty reform are causing great excitement amongst the industry. However, to view stamp duty reform as the single solution to the nation’s housing problems is both simplistic and problematic.
The government needs to consider all factors prohibiting homeownership. Failing to do so means the UK could soon risk losing its status as a nation of homeowners.
This article was submitted to be published by Search Acumen as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
