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Is the high cost of stamp duty putting you off moving?

Journalist: Elizabeth Anderson, Freelancer

ended 02. February 2024

Is the high cost of stamp duty putting you off moving?

Hi all, I am looking for:

- a young person / couple who can't upsize because of the cost of stamp duty
- and an older couple who don't want to downsize and pay it.

If you are a company able to source a case study, I will mention your company

Ideally we want leads today (for a national newspaper's money section). Thank you!

1 responses from the Newspage community

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Editor
Ben Perks
Managing Director at Orchard Financial Advisers
When the government have made cuts to Stamp Duty previously it has definitely stimulated the market. People have certainly jumped at the chance to buy property when these reductions are in place, but an aversion to paying tax is hardly a shock.

The biggest thing deterring residential borrowers at the moment is the cost of borrowing and living. The higher interest rates and soaring utility costs dwarf the concerns about paying Stamp Duty when purchasing. Clients we speak with have accepted it as part of the process and are largely ufazed by it.

Stamp Duty has acted as a significant deterrent for those that are moving and had planned to retain their existing property to rent out. Their hopes of a 'nest egg' are soon wiped out when they hear the Stamp Duty figure for the onward purchase. This was intended by the government to free up housing, but surely sorting the house build crisis would be more affective long term.