Our research fellow Rory Meakin has an article in City AM this morning on Stamp Duty
More concerning is the fact that the proposed reforms are unlikely to achieve their stated aim: to improve affordability for first time buyers. Since the responsiveness of housing supply to demand is so weak in the UK, any given increase in demand will overwhelmingly manifest itself in higher prices rather than increased construction, with the benefit flowing to existing homeowners.
Those who will end up buying who otherwise wouldn’t will also largely displace landlords rather than stimulate new supply. Some landlords will cash in by selling for the higher prices. Great, you might think – except that the increased costs of properties for landlords who remain will drive up rents, which are generally paid by those who can’t afford to buy.
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