24 Nov

Industry expresses stamp duty disappointment

Industry expresses stamp duty disappointment

The property industry has expressed disappointment over the chancellor’s decision not to reverse the proposed stamp duty changes.

Philip Hammond did not react to calls to stop the extra three per cent stamp duty charged on those with more than one property.

However, the Autumn budget did announce government plans to fund new homes and the removal of upfront letting fees.

Thomas van Straubenzee, managing director prime property agency VanHan, said the stamp duty reforms have had an impact on the prime market in London and combined with Brexit could lead to a longer-term on the capital’s market.

"Many people who were previously looking to move, for example, to downsize or upsize or simply for a change of scene, are staying put so as not to incur the increased stamp duty costs, and this only serves to stifle overall market activity," he explained.

"The outcome of June’s referendum added another layer of uncertainty to the London market as would be buyers worry about sustainability at the top end, and the increased stamp duty is a further deterrent. We believe a cut in stamp duty would have boosted the London property market and economy," he added.ADNFCR-1222-ID-801828869-ADNFCR

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