Rachel Reeves is due to deliver her Spring Budget today and estate agency Fine & Country are calling on her to use it to boost the housing market as it is a ‘cornerstone of the UK economy’ and will help in her search for growth.

And Handford has outlined key reforms that he believes will help stimulate the sector and drive broader economic growth.

Reduce Stamp Duty

As one of the few tools available to stimulate the property market, Handford is urging the Government to reduce Stamp Duty rather than increasing it from 31 March.

“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.

Handford adds: “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,”.

New Help to Buy scheme

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

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

 It’s about underpinning a vital sector of the UK economy that touches millions of lives.”

“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

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 Supply, he says, continues to lag behind demand, particularly in areas of high economic activity, due to an outdated and restrictive planning system.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