Glenigan Autumn Statement reaction: Stamp duty reform takes centre stage

Last Updated:

3rd December 2014

Commenting on today’s (3 December) Autumn Statement announcement by the Chancellor of the Exchequer, George Osborne, Glenigan Economics Director Allan Wilén said:

“Stamp duty reform formed the centre piece of the Chancellor’s 2014 Autumn Statement. The change will remove long standing pricing distortions in the market caused by the tax and offers a welcome reduction in upfront costs for almost all house purchasers.

“In particular the reforms will narrow the deposit gap faced by first time buyers and should help re-invigorate housing market activity that has been cooling in recent months. The Chancellor’s move, combined with the prospect of real rises in household incomes, should help to sustain the recent growth in new private housing activity during 2015.

“Prime residential housing is the one loser from the Chancellor’s announcement, which will add to the squeeze on high end property prices in central London that have already been impacted by Labour’s ‘mansion tax’ plans.”

PR contacts:

Kirsty Maclagan (Marketing and Communications Manager)

T: +44 (0)1202 786 842│E: kirsty.maclagan@glenigan-old.thrv.uk

Allan Wilén (Economics Director)

T: +44 (0)751 579 4625| E: allan.wilen@glenigan-old.thrv.uk

Notes to the Editor:

The Glenigan Index of projects starts provides a leading indicator of construction activity in the UK. It is based on data collected about every building project started on site in the previous three-month period. The Index covers civil engineering, office and commercial projects over £250,000 and more than 10 units for residential property. It excludes any project over £100 million. A full copy of the Glenigan forecast is available upon request.

About Glenigan:

Glenigan is the UK’s leading provider of construction data, contract leads and construction market analysis. Combining comprehensive data gathering and exhaustive research with detailed statistical modelling and expert analysis, it delivers a trusted insight into UK construction trends and activity. Glenigan customers include government agencies, construction companies, sub-contractors and suppliers of materials and services to the industry.