Stamp duty freeze 'could regenerate UK'

By Jonathan Dawes, Tue 23 Sep 2008 - Published in Mortgages

The freeze on stamp duty could change the face of the UK as young people move to more affordable areas, it has been claimed.

According to uSwitch.com, research from property and local information website, UpMyStreet.com suggests areas such as the north-east which have a high proportion of properties under Ł175,000 could be attractive to young mortgage holders.

The comparison website also pointed to findings from the Confederation of British Industry which suggest home and teleworking is increasing, meaning first-time buyers would not necessarily have to leave their jobs to move areas.

A result of these factors, the organisation claimed, is young talent could leave overpriced areas like London and head to more affordable regions such as the north-east.

Housing market analyst at UpMyStreet Annabel McQueen commented: "The shake-up that could follow could see regeneration and growth opportunities in areas such as the north-east.

"These areas will begin to compete to attract and retain young professionals, who will in turn breathe life into the local economy."

Figures also show that the north-west and Yorkshire and Humberside have a high proportion of properties which avoid stamp duty, while London and the south-east have the least.

Research from Halifax recently suggested urban areas have more affordable housing due to factors such as lower average prices and increased earnings.

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