A property group wants three big housing market reforms in today’s Spring Statement.

Fine & Country interim chief executive Jonathan Handford, wants:

Significantly reduce Stamp Duty to encourage market mobility – With Stamp Duty set to increase from 31 March, reverting to pre-September 2022 thresholds, Handford is urging the Government to reconsider. 

As one of the few tools available to stimulate the property market, he believes Stamp Duty should be reduced rather than increased.

“At a time when borrowing costs remain high, the additional burden of Stamp Duty acts as a deterrent, discouraging homeowners from moving,” says Handford. 

“For many would-be movers, particularly families looking to upsize or older homeowners considering downsizing – the upfront tax cost is simply prohibitive. 

“Reducing Stamp Duty would not only make it more affordable to move, but the resultant increase in transaction volume would likely offset any shortfall in per-transaction revenue for the Treasury. More importantly, it would deliver a significant boost to the broader economy.”

A buoyant property market has a ripple effect on the wider economy, benefitting industries such as construction, home improvement, retail, and professional services. “A more fluid, less-taxed housing market is a win for everyone,” Handford adds.

Reintroduce a modernised Help to Buy Scheme – The previous Help to Buy initiative was far from perfect, but it succeeded in one crucial area – getting people moving.Handford is calling for a revised version of the initiative that better addresses current market challenges.

“First-time buyers are the foundation of the property market. Without their ability to take that first step, transaction chains stall,” he explains.

“A reimagined, better-structured Help to Buy scheme would breathe fresh life into the market, empowering younger generations to buy their first home, while simultaneously unlocking transactions further up the chain. It’s not simply a case of helping individuals; it’s about underpinning a vital sector of the UK economy that touches millions of lives.”

Planning reform to boost housing supply – Handford also highlights the urgent need for planning reform to address the UK’s chronic housing shortage. Supply continues to lag behind demand, particularly in areas of high economic activity, due to an outdated and restrictive planning system.

“We need a planning process that is streamlined, transparent, and supportive of responsible development,” he asserts. 

“Unlocking land, cutting bureaucratic red tape, and encouraging quality housebuilding in the right locations will provide much-needed housing options and drive economic growth.”

Fine & Country is asking the Chancellor to take the necessary steps to support the housing sector in the upcoming Budget. 

“The property market is a cornerstone of the UK economy,” says Handford. “By reducing Stamp Duty, reintroducing a modernised Help to Buy, and reforming the planning system, the Government can stimulate growth, increase affordability, and provide long-term stability.”