UK housing industry debates Chancellors speech

There has been a mixed reaction to the Chancellors speech made earlier in the week from professionals working in the UK property industry.

Many industry experts were looking forward to extra help from the government to boost the ailing property market – particularly for the next generation of first time homeowners. In a move that is bound to cause dismay among potential property buyers Chancellor George Osborne decided not to extend the stamp duty holiday beyond the March deadline.

Several industry insiders suggested the tax break for first time buyers provided a small but welcome cash incentive at a time when every penny counts. Failure to extend the concession is likely to have a detrimental effect at the bottom end of the UK property market.

Other commentators suggest the chancellor should have taken the opportunity to address the outdated and seemly unjust stamp duty tax system across all price brackets covering the UK property market.