Within the letter, the building society note that Stamp Duty and Land Tax are slowing the housing market, which is leading to inflated prices and therefore causing hardship to the younger generations.
Family Building Society has written to the Chancellor regarding Stamp Duty and the current Land Tax regime.
Within the letter, the building society note that Stamp Duty and Land Tax are slowing the housing market, which is leading to inflated prices and therefore causing hardship to the younger generations.
The society adds that this in turn is having a negative effect on the economy, and it is reducing the number of individuals moving away from home in order to further their careers.
Family Building Society requests that the government reviews SDLT urgently and amendments rates to encourage downsizing, which would free up the market.
The firm adds that the building society are willing to aid the government in any capacity.
Furthermore, within the letter the society highlights that it is keen to learn more about both the First Homes discount for first-time buyers and the Lifetime Fixed Rates for FTBs.
Family Building Society says that it will contribute to both schemes; adding that it wants to see a fully integrated housing policy.
