Now is the time for the government to increase the supply of homes | Larry Elliott
A cut in stamp duty may be politically expedient for Sajid Javid, but it would be a big mistake
For anybody who has their home on the market, the news from the Halifax that property prices fell in September would not have come as an earth-shattering surprise. Perhaps more of a shock is that the UK’s biggest mortgage lender is still reporting that prices are up on the year, albeit modestly. It certainly doesn’t feel that way.
The last time house-price inflation was as low as 1.1% was in 2013 and back then the government took swift action. Lenders received incentives to lend to those buying a home, while the Help-to-buy scheme from the Treasury boosted demand by helping potential buyers get on the housing ladder.