UK Finance: Stamp duty cut should give a welcome boost to housing market

Responding to the chancellor's announcement on stamp duty today, Eric Leenders, Managing DIrector of Personal Finance at UK Finance, said:

The chancellor's announcement on stamp duty should give a welcome boost to the housing market and in turn have positive knock-on effects for the wider economy.

 ?This measure designed to re-boot the housing market builds on the wide package of support put in place by mortgage lenders, working with the regulator and HM Treasury, to help customers through these tough times.

 ?The industry has a clear plan to help homeowners whatever their financial situation and is committed to providing ongoing support to those customers who need it.

Area of expertise:

Notes to editor

<p>1. UK Finance is the collective voice for the banking and finance industry. Representing more than 250 firms across the industry, we act to enhance competitiveness, support customers and facilitate innovation.</p>
<p>2. Research carried out by UK Finance, in partnership with Hometrack, identified that on average UK private households only move once every 20 years, down from a high of every eight years in the late 1980s. <a href="…;
<p>3. The banking and finance industry has put in place a clear plan to help Britain through these tough times:</p>
<ul><li>1.9 million mortgage payment deferrals</li>
<li>27 million interest-free overdrafts offered, 961,700 payment deferrals on credit cards and 688,900 payment deferrals on personal loans.</li>
<li>£45 billion of lending to over one million businesses through government Covid-19 lending schemes</li>
<li>Protecting customers from scams and fraud</li>
<li>Raising the limit for contactless payments to £45</li>