CML reaction to budget

The CML is pleased that the Chancellor did not raise stamp duty, and is particularly pleased that double

stamp duty on Islamic mortgages will be resolved. But the CML would have liked to see the thresholds

raised, and continues to believe that longer term fundamental reform away from the existing “slab”

structure of stamp duty is needed.

On fixed-rate mortgage funding, the CML looks forward to the report by David Miles on the market for

longer-term fixed-rate funding in the UK. The CML also welcomes the review of housing supply, as

increased supply underpins the success of the recently-announced Communities Plan.

CML Director General Michael Coogan commented:

“Probably around a third of outstanding mortgages are either fixed or capped. Most of these are

short-term fixes. Fixed-rate mortgages give consumers greater certainty about their payments, but