JEREMY Hunt’s decision not to reverse the cut to stamp duty has been praised by the National Association of Property Buyers.
But the NAPB said there were huge question marks over how Liz Truss could remain as Prime Minister following the dismantling of her mini-budget.
Jonathan Rolande, the spokesman for the NAPB, said: “Jeremy Hunt basically delivered “Kwexit” today, as he totally dismantled the mini budget delivered by Kwasi Kwarteng.
“In our view, many of the steps Mr Hunt has taken should be welcomed, and it is reassuring to see a more steady hand after the failed experiment of the mini-budget. It feels like, at last, a grown-up is back in charge.
“We are particularly pleased to see the SDLT cut has not been reversed. This is welcome because buyers were paying ever larger amounts thanks to rising prices.
“However, many of the benefits for buyers will be eroded due to higher borrowing costs. The prospect of the energy cap being withdrawn in six months, to be replaced with more targeted assistance for those that need it most, make it look likely that by next Winter, those with capital and lower monthly outgoings – usually homeowners – could well be paying a much larger proportion of their incomes for fuel next winter.
“The current leadership so botched the budget that measures to put us back on track may well need to be much harsher than they would have been had things simply been left alone.
And property owners will be looking to the Government for constant reassurance that support will be in place beyond April to help with fuel bills.”
