Stamp duty has gummed up the property market
Changes to stamp duty expected to be announced in the Autumn Budget would not only benefit first time buyers, the positive knock on effect for the wider economy and for the home moving experience itself, could be huge. Removal technology company buzzmove, calculates if stamp duty was abolished entirely, it would not only get 239,000 homeowners moving, it could boost the removals sector to the tune of £199million and enable more removal firms to adopt technology to ease the often stressful home moving process.
Buzzmove has helped 50,000 people move home through the launch of the UK’s first comparison site for certified removal firms. Movers can compare removal firms, then use buzzmove’s video survey tool to create a digital inventory of their move.
Damien Seaman, Head of Brand at buzzmove says: “Customers who come through our removals comparison site are now more price sensitive than ever. They want to get the best deal on their move. That’s no surprise, now that the total cost of moving house for UK homeowners is 40 per cent of the average salary, what with legal fees, conveyancing, and stamp duty. In fact the average cost of the move itself is just a fraction of all other costs at £833. But it’s also one of the most fraught aspects of moving so we are working with removal firms to help ease the process with technology and help movers avoid fly-by-night operators who can’t afford to give them the service their belongings deserve.
“The Government needs to address the fact that stamp duty is now stopping older people looking to downsize, and families looking to upsize, it’s gumming up the housing market for everyone, which is bad news. Just lowering the tax could help get homeowners moving, and even a small increase in moves could kick-start the market and which would have massive benefit to the UK economy as a whole.”