Property expert demands stamp duty reform

A senior property adviser has warned that government support for first-time buyers will fail without overhauling stamp duty. Meanwhile, a stalled 205-home affordable housing scheme in Cheshire has been completed and handed over to its provider.

Call for Stamp Duty Overhaul

Stephen Hemmings, Partner and Head of Property Sector at Menzies LLP, has called for comprehensive stamp duty reform ahead of the upcoming Budget. He argues that high stamp duty rates, including a 5% surcharge for investors in new rental homes, are deterring transactions and the investment needed to deliver new housing supply.

Hemmings pointed to a 15-year accumulation of tax changes affecting the sector. This includes modifications to Stamp Duty Land Tax, Annual Tax on Enveloped Dwellings rules, higher income tax for buy-to-let investors, and increased corporation tax for developers. He stated this cumulative burden has damaged market confidence. Buyers also face challenges from high interest rates and rising costs, complicating the government’s target of delivering 1.5 million new homes by 2029.

"The property sector urgently needs stability from this Budget, along with a clear signal that the Government wants to encourage investment," Hemmings said. He warned that every fiscal event triggers artificial market activity as investors try to get ahead of potential tax increases. Hemmings called for a comprehensive review of the property tax regime and clarity on the direction of the Mansion Tax.

Winsford Affordable Scheme Completed

The 205-home Wharton Road development in Winsford, Cheshire, has been completed and handed over to housing provider Jigsaw Homes Group. The brownfield scheme includes one- to four-bedroom houses and apartments for affordable rent, Rent to Buy, and shared ownership.

Work had stalled in 2022 following the administration of the initial developer. Northern property developer Breck Homes recommenced work at the part-built site in October 2023 after a successful tender. The first handovers began in early 2025, and the scheme is now complete, with final residents moving in. The project received additional funding from Homes England.

Phil Dolan, managing director for the North West at Breck Homes, said seeing the scheme reach completion was a reminder of why the company exists. He noted that Breck has now completed developments totalling almost 500 homes with Jigsaw across the North West. Garnet Fazackerley, operations director of development at Jigsaw Homes Group, said it was fantastic to see the final homes complete and a sense of community building. The organisation worked alongside Breck, Cheshire West and Chester Council, and Homes England to deliver the 205 affordable homes.