Why the Covid stamp duty holiday reveals big problems in the housing market
HM Treasury "misjudged" the property market when it introduced the Stamp Duty holiday last year, writes Michael Ball, Professor of Urban and Property Economics at the University of Reading's Henley Business School. "What must have looked superficially to be a wizard policy idea – stimulating the housing market and gaining political bouquets from happy buyers at the same time – has rebounded badly."

Written by
Michael Ball
Professor of Urban and Property Economics, University of Reading at
University of Reading
The Journal of Luxury Property. Required reading for prime property professionals.
‘Costly & unnecessary’ Stamp Duty holiday ‘not the main cause of house price boom’ – Resolution Foundation
"Stronger forces" than the temporary tax break have been at play in the housing market over the last year, says an influential think tank - which argues that the UK's Stamp Duty holidays have been "problematic…
‘End stamp duty to rebalance the housing market’ – RICS
20% of surveyors believe replacing Stamp Duty with a modernised Council Tax would benefit the property market and wider economy
By PrimeResi
Stamp Duty holiday deadline is ‘not a dealbreaker for most buyers’, as vaccine set to boost the property market next year
The Stamp Duty holiday "is not a dealbreaker for most buyers (especially at the top end)", says Savills, after surveying 1,300 prime property buyers and sellers.
Most read
SevenCapital gears up for £1bn London expansion
Birmingham real estate investor-developer announces brace of key hires & plans trio of major projects in the UK capital, delivering over 1,000 new homes.
Knight Frank names three new lettings managers
Agency bolsters operations in key markets across South West, North, City & East London.
Leading property PR agencies to merge
Chanel Bailey's Elevate & Adam Foster's Ellwood have joined forces to create 'a dynamic & expanded powerhouse in the industry.'
By PrimeResi
Knightsbridge apartment scheme pitched as London’s ‘ultimate multi-generational home’
In Pictures: Mdesign's ultra-prime boutique project on Pont Street is being marketed at £54mn.
Former PCL agency boss joins self-employed property brokerage
Ben Hopkinson has made the move to Moveli after 17 years at boutique firm Moretons, where he led offices in Westminster & Knightsbridge.
Luxury sector veteran moves back into super-prime property
Having set up a boutique estate agency in Mayfair in the 1970s, Anthony Lassman 'has come full circle' as his Nota Bene Global business adds a property acquisition service for HNWIs.
By PrimeResi
Ten Charts: Inside Foxtons’ big turnaround plan
Latest annual report reveals how the high-profile agency is approaching risk & opportunity, creating a 'more respectful and inclusive environment' - and deploying 'growth mode'.
Alex Michelin: How super-prime developments are shaping residential trends
The Valouran CEO talks us through how innovations once reserved for the world’s most luxurious homes are now filtering into the mainstream housing market - and redefining modern living.
‘Footloose’ companies & HNWIs shift to new wealth hubs
Ranked: Savills' new Dynamic Wealth Indices identify which international cities are doing best at attracting & developing wealth & investment.
By PrimeResi
Ranked: Britain’s top 20 prime locations for property buyers in 2025
National buying agency Garrington has identified 1,600 great places to live, with postcodes in Hertfordshire, Stirling and Tyne & Wear coming out on top for their 'optimum blend of high living standards,…
By PrimeResi
LATEST ARTICLES
Winkworth launches new branch in SW London
Ex-Dexters & Knight Frank agent heads up latest addition to franchise giant's network.
Ghelamco taps Savills & JLL for resi sales at Battersea candle factory scheme
In Pictures: Inside the Squire & Partners-designed development with interiors by Bowler James Brindley.
By PrimeResi
Weekly Showcase: Ten featured prime resi listings
PrimeResi's regular stock check, powered by LonRes
High-end Spanish agency opens flagship store in Marbella
Spain Sotheby's International Realty says its new base will strengthen connections with key luxury markets including Dubai & the UK.
Buyer demand dips in prime London
Richmond was the most 'in demand' area of the prime London property market in Q1, reports Benham and Reeves.
By PrimeResi