Prime Minister Andy Burnham has swiftly ruled out abolishing Stamp Duty, a decision that Adam Jennings, head of residential at Chestertons, believes could help revive buyer activity. This follows a month of political uncertainty.
Chestertons' London network saw a 22% year-on-year decrease in prospective buyer registrations in July, totalling 1,740. This represents the steepest decline since November, when registrations fell by 29% before the Budget.
Jennings commented that the Prime Minister's immediate response to Stamp Duty speculation should help restore buyer confidence, stating that people are disinclined to make large decisions during uncertain times. He hopes this position remains for at least the next 12 months to provide market certainty.
Meanwhile, tax firm Blick Rothenberg argues that frozen Stamp Duty Land Tax (SDLT) thresholds are hindering property market growth. Mark Cunningham, a partner at the company, noted that while average UK house prices rose by approximately 28% over the past decade, the SDLT bill on an average property purchase increased by over 100%.
Housebuilder Bellway has also called for an immediate reduction in stamp duty and a government-backed deposit scheme for first-time buyers. This appeal was made in their trading update on 11 August, for the year ended 31 July 2026, after they warned of softer customer demand. Bellway's forward order book decreased from 5,307 homes to 4,206 homes year-on-year, with its value falling from £1.52bn to £1.2bn.