News London Estate Agents Benham & Reeves respond to Chancellor's Autumn Statement

Published by AgentPro on 23rd November, 2017

Following yesterday's budget, London estate agents have expressed their disappointment.

Image title

 James Morton, Director of North London Estate Agents Benham & Reeves told Estate Agent News that the new measures were unlikely to have any impact on London, where the housing crisis is being most keenly felt:

“We welcome the stamp duty cut for first time buyers on lower priced homes, but first-time buyers still need properties to buy.  Unfortunately, London prices are mostly over £300,000 anyway and much of the London market is being strangled by higher stamp duty, meaning second-time buyers are staying put rather than moving on, so this will have little impact on the capital’s housing crisis.

“Furthermore, the commitment to building more homes is also good, but house-building targets have not been met for so long now that today’s announcement offers too little, too late.  Like many of my colleagues, I feel that the chancellor has missed a valuable opportunity to help the UK housing market today and I’m disappointed that hard-working Londoners will continue to be squeezed by unfair, regressive property taxes. “