No it doesn't. It only helps those who are selling houses. The selling price goes up to match the tax cut.Cardinal Fang wrote: ↑Wed Jul 08, 2020 1:57 pmCut in stamp duty helps those who can afford to buy houses.
A house is for sale at £310,000. There are 5 people who'd like to buy, but the 5 can only afford £296,000, £297,000, £298,000, £299,000 and £300,000. The estate agent tells the seller they can't achieve £310,000 and they should knock the price down to £300,000.
The government cuts £5,000 off the tax. Great, thinks, Mrs £296,000, I can now afford to offer £301,000. Mrs £296,000, like the chancellor of the exchequer, forgets that Mr £297,000, Ms £298,000 etc can also now afford to offer £5,000 extra. The house sale goes through at £305,000 and person writing the thankyou note to Number 11 Downing Street is the seller.