PROPTECH-X ‘Proptech & Property News’: Chancellor urged to overhaul stamp duty | Zoopla to host market update for agents

Zoopla to host 2023 market update for agents

Zoopla has announced it’s hosting a 2023 market update on Thursday, the 23rd of March to share the three biggest challenges agents face the rest of this year and how to overcome them. 

Hosted by Zoopla’s Executive Director of Research, Richard Donnell and Nikki Cole, Director of National Sales – the webinar is a must-attend for all agents thinking about how they approach the second quarter of 2023 and beyond.

Topics that will be covered in the webinar include an updated outlook on what’s next for the property market, how much lower mortgage rates might fall and what this means for market activity in both sales and lettings. This will be followed by an exclusive Q&A with Richard and Nikki where agents will have the opportunity to ask them questions. 

Commenting on the webinar, Richard Donnell, Executive Director at Zoopla said: “Housing market activity has rebounded in the first two months of the year and the fall in mortgage rates has now stabilised. There are some wide variations in activity across the sales and lettings markets. We will explore these trends and more in the webinar, including the outlook for private landlords who are key to driving revenue for lettings.”

The webinar will take place on Thursday the 23rd of March at 10:30am and agents interested in attending can sign up here. Zoopla will also be holding their market webinars more regularly in the coming year following positive feedback from agents. 

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NATIONAL ASSOCIATION OF PROPERTY BUYERS URGES CHANCELLOR TO OVERHAUL STAMP DUTY IN BUDGET

PRESS RELEASE: The Chancellor should introduce targeted changes to Stamp Duty in his Budget next week, a leading Property Association has said. 

The National Association of Property Buyers say that despite the market holding up well, Mr Hunt’s statement will be crucial.

Spokesman Jonathan Rolande said: “The market remains on a knife edge, and is still feeling the impact of the botched Truss/Kwarteng statement.

“That’s why it’s absolutely vital the Chancellor delivers measures that support the market and ensure we don’t end up with a massive house price crash.

Setting out the measures the NAPB would like to see, he continued: “There are many ways the Chancellor could better utilise stamp duty. Around £1bn a month is paid by homebuyers but despite tapering and exemptions for most first-time buyers, the system needs a total overhaul to make it fairer. Overseas buyers currently pay UK stamp plus 2% – we’d like to see an increase to generate revenue and help level the field for local buyers.

“Mr Hunt could also look to reduce stamp duty in areas of deprivation to encourage investment and  offer Stamp Duty relief to pensioner-sellers moving down market to homes with fewer bedrooms. This could free up much-needed larger homes for families.

“We’d back moves to offer tax incentives to landlords who upgrade energy saving measures to save their tenants money on heating.

“The Chancellor should also look to increase taxes on land sold for development and invest it in local improvements and infrastructure.

“And we’d also like to see Mr Hunt make it unprofitable to land-bank. This would encourage developers to build on approved sites with hefty taxes on vacant plots.”

The call has been backed by the HomeOwners Alliance, who campaig on behalf of homeowners and those who aspire to own.

CEO Paula Higgins said: “We fully support the recent reforms to stamp duty over the last years so that first time buyers do not have to pay stamp duty and there is a lower rate for those buying a home to live in. But we cannot deny the reality that stamp duty is a hefty upfront tax on transactions that stops people from moving. Let’s  scrap stamp duty for everyone buying a home to live in. Not only would this simplify the system, it would mean that people could move home when they want as well as it being a big boost for those who are thinking of downsizing.   

“Affordability is a huge issue for those wanting to buy a home to live in and can’t. There is no easy fix but the government needs to take this seriously and work with the lenders, developers and local planning authorities to publish a succinct plan. The first step is to stop the revolving door of housing ministers which we have seen for the last 20 years. “

The NAPB say there is concern among many in the property market that the Government was taking their eye off the ball when it came to housing.

“With so many pressures on the Chancellor will he be focussing on The Energy Price Guarantee, childcare, food price, fuel duty and Corporation Tax and, like so many before him, taking his eye off the property market? That’s our big fear.

“He must remember that even though it is distorted, inherently unfair and on a knife edge, the UK property market provides the Exchequer with enormous amounts of cash, pension funds with money to pay the elderly and a roof over the heads of most of us.

“The gap between wages and house prices has widened from 3 times the average wage, for an average home, to 14 times currently. Deposits are near impossible to save as rocketing rents eat the spare cash of those striving to save for a home.

“For those in the industry, or those who watch it closely it is clear that there is growing dissatisfaction and disenfranchisement from young people who look on with despair at the generations above them who have accumulated so much of the property market. 

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Proptech and Property News in association with Estate Agent Networking.