The increase in the lower stamp duty on residential properties will have a significant impact on Northern Ireland's housing market, a leading expert has said.
Stamp duty is a tax paid by homebuyers in Northern Ireland, based on the value of the property they are buying. "The steps we’ve taken today mean 200,000 more people will be taken out of paying stamp duty altogether. This is a permanent cut to stamp duty, effective from today." Ian Creighton, Residential Property Partner at law firm Wilson Nesbitt said the move will significantly impact the region's housing market.
Jonathan Steen, Partner at Fetherston Clements Estate Agents, said the move is good news for prospective homebuyers and movers here but he doesn't foresee a sudden rise in house prices. Mr Steen added: "This time around the housing market has been driven by lifestyle changes and a change in people's needs and the view in what they want from their homes, whether that be working from home or being closer to their family and leisure activities.
By artificially increasing prices. It's that simple. We need social housing. Not higher prices.