As rumors swirl that the stamp duty may be suspended, there is controversy over whether or not this will affect cheap unsecured loans. The first to benefit would be mortgage seekers, but there may be a trickle down effect if this helps shore up the housing market, which in turn could convince more lenders to offer cheap unsecured loans. Until this actually happens, speculation will undoubtedly continue.
Ray Boulger from John Charcol stated, “With the Chancellor’s confirmation that he is considering a temporary suspension of stamp duty, the already very low number of transactions in the housing market, approximately 60% down on last year, will diminish further until he sets out his proposals. After all who will want to commit to a property purchase now when it is probable that by waiting a few months stamp duty costs possibly running into tens of thousands of pounds can be avoided, and with The Chancellor’s blessing.
“The Government’s policy of leaking policy initiatives like this is not clever. They have been considering action on stamp duty along these lines for some time and should now announce a definite policy in the very near future.”
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