There are reports today that the government is considering suspending ‘stamp duty’ on house sales in the UK. Stamp duty is a strange name for a tax which you pay when you buy a house here, it isn’t a very high percentage, but with houses being as expensive as they are in the UK, stamp duty quickly mounts up to several thousand pounds.
As if housebuying in England wasn’t stressful enough, we now have to weigh up whether we should wait a few months to see whether or not the government will suspend a tax. Apparently the idea of suspending stamp duty is to stimulate the housing market. It may do so when (and if) they suspend it, but I suspect that in the short term it is simply going to freeze the market completely.
Any one who has an insight into the housing market or the workings of the British government, please advise us!