The Royal Institution of Chartered Surveyors (RICS) has called on the government to announce a stamp duty holiday.
The trade organisation has said that this move is needed to help the property market get back on its feet as a result of the effects of the Coronavirus pandemic.
“RICS is not an organisation that would call for a stamp duty holiday on a whim, and indeed our view prior to Covid 19 was that it required a full-scale review,” comments Hew Edgar, RICS head of government relations.
“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.
“While the UK’s health is the priority, our survey feedback suggests that the government will need to start considering medium and long-term measures that could assist a post-pandemic housing market.
“These are exceptional circumstances and the Government will need to consider all avenues that could feasibly rebuild confidence, bridging the gap between uncertainty and recovery.”