43% of young investors to buy due to stamp duty holiday
Some 43% of UK investors between 18 and 34 plan to buy more property due to the stamp duty holiday, research from FJP Investment has found.
For all investors this falls to 24%, as younger landlords are keenest to take advantage.
Stamp duty was temporarily cut on property purchases worth up to £500,000 last month. The cut will last until March 31st.
Despite this surge to buy over half (54%) have lost confidence in Boris Johnson’s government based on its handling of the COVID-19 pandemic so far.
Some 57% believe more financial relief is needed to support UK businesses affected by COVID-19, while more than half (54%) are in favour of extending the mortgage payment holiday relief scheme beyond 31st October 2020.
Jamie Johnson, chief executive of FJP Investment, said: “Today’s research shows that investors are clearly worried about the long-term financial consequences of the pandemic. News of the UK entering a recession will likely have shaken confidence further, too.
“One of the key findings is that faith in Boris Johnson’s government is waning. While there is support for the financial support schemes and economic stimuli that have been introduced so far, investors feel that much more must be done if the UK’s post-pandemic recovery is to be successful.
“The pressure is very much on the Prime Minister and Chancellor Rishi Sunak to allay these concerns. Boosting investors’ confidence will be vital in order to inject life back into different financial markets and bolster GDP.”