CEO of Alliance Fund, Iain Crawford, commented:

This weeks stamp duty cut is great news for homebuyers and will act as a shot in the arm for the UK property market, putting any fears of an impending market slowdown to rest.

We’ve already seen just how beneficial a stamp duty tax incentive can be in fuelling buyer demand and not only will home sellers benefit from this heightened market activity, but it should also entice the nation’s housebuilders to pick up the pace where the delivery of new homes is concerned.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“Yet another reheated housing policy by the government and little more than a smoke screen, allowing them to take the easy way out instead of making any meaningful headway tackling the housing crisis.

Of course, the government can hang its hat on a buoyant housing market as ‘proof’ of economic success and so keeping house prices artificially inflated by fuelling demand is their only concern.

Unfortunately for those already struggling to purchase their own home, the meagre saving made via a stamp duty cut will soon be absorbed by this higher cost of homeownership.”

Director of Benham and Reeves, Marc von Grundherr, commented:

“Any saving will be warmly welcomed for those looking to climb the property ladder, particularly in the current economic climate.

But it’s fair to say that today’s cut is a fairly insignificant one and will do little to help homebuyers overcome the huge financial hurdle of purchasing a property in the first place.

In fact, it’s fair to say that it will only add to the problem by fuelling demand and pushing house prices higher, while the government also maintains a head in the sand approach to housing delivery.”

Managing Director of HBB Solutions, Chris Hodgkinson, commented:

“Those lucky enough to be in a position to buy a property will, of course, welcome today’s news and the saving being handed down to them.

However, the reality is that this is just another half baked attempt by the government to stimulate property prices and maintain the illusion of a buoyant housing market.

Fuelling buyer demand by way of a stamp duty incentive without addressing the issue of supply has already cultivated an overheated, unstable market.

It’s only a matter of time before today’s stamp duty saving is wiped out by the ever increasing cost of a property itself, or we see a correction in the form of a house price crash.”

CEO of GetAgent.co.uk, Colby Short, commented:

“Positive news for homebuyers, particularly first-time buyers who stand to make a considerable saving when purchasing their first property.

We can now expect the stamp duty spurred stampede of buyer activity seen during the pandemic to return, albeit at a more measured pace as today’s cut hasn’t come with an expiry date.”