The RICS (Royal Institute of Chartered Surveyors) and the NFB (National Federation of Builders) have called for stamp duty to be removed when the current lockdown ends. House prices are expected to fall over the coming 12 months but their hopes are that if stamp duty was removed, it would help to improve the housing market again. This article from Property Wire reports with a quote from Hew Edgar, head of government relations at RICS who said: “RICS is not an organisation that would call for a stamp duty holiday on a whim.
“As we start to emerge from this crisis, however, it is likely that the finances of potential homebuyers will be under strain, and the burden of stamp duty could put buyers off.
“For those who can afford to move they may lack confidence in the market, adding to the slow down.
“A stamp duty holiday could be one of the ways to reactivate the housing market quickly as a short term measure.”