Stamp Duty reforms top conveyancers’ Budget asks

Stamp Duty reforms top the Autumn Budget wish list for conveyancers this week as confidence in the sector hit at a record low.

The latest industry sentiment tracker from the conveyancing regulator the Council for Licensed Conveyancers (CLC) found that professionals’ confidence in the stability of the current property market has sunk to its lowest, at 26%, since the regulator started its quarterly survey last year.

Confidence among buyers and sellers also continues to hover between 12 to 15%, according to the research, less than half of what it was when the CLC took the temperature of the market in January.

Current market conditions are undeniably challenging, and it remains to be seen whether the Chancellor will intervene.”

With rising mortgage rates and wider economic uncertainty, it is perhaps not surprising that those working in the industry are pinning their hopes on Chancellor John Healey delivering a much-needed confidence boost when he delivers his first Budget on Wednesday.

Reform or a reduction of Stamp Duty is the announcement that one in four conveyancers, at 27%, would most like to see, with one mooting the idea of introducing reliefs for those downsizing as an incentive to free up more family homes.

It was closely followed by measures to improve mortgage affordability and access to finance, at 23%, greater fiscal and tax certainty for the property sector, at 17%, and more support for first time buyers at 15%. Planning reform to accelerate housing delivery was a priority for 8%, while 4% would like to see measures introduced to encourage institutional investment in housing.

The research also highlighted that the majority of successful transactions still take an average of three to four months to complete, a figure that has remained static, and just 16% of the 110 respondents to the survey said they were confident that the process was improving and not getting worse.

Challenging market

Stephen Ward (pictured), Director of Strategy and External Relations at the CLC, says: “Current market conditions are undeniably challenging, and it remains to be seen whether the Chancellor will intervene, but we have weathered worse storms and what we must not forget is the government’s roadmap of reforms.

“These long-awaited changes will revitalise the market, making a meaningful difference to both consumers and to those working in it, but it needs the support of everyone across the property sector so I urge the industry to embrace the plans and work together to deliver them as swiftly and effectively as possible.”