Gideon Sumption of Stacks Property Search says, “We welcome the new SDLT reforms. An antiquated system has been reorganised in a much fairer way. It’s good news for the majority of property buyers, but the best news for the market as a whole is that, without the threat of the proposed Mansion Tax, the upper end of the market will be freed up, and buyers can act in the full knowledge of what tax will be payable.
“The biggest difference of course is that this SDLT system is effectively discretionary rather than mandatory. The Mansion Tax system would have penalised those who already lived in properties worth more than £2m.
“There’s a likelihood that sales at the £2m mark will be affected, in the short term there is likely to a frenzy of re-negotiation at this level, and there will be a greater proportion of sales falling through in the coming weeks.
“It will encourage the lower end of the market where every £1,000 makes a difference; and for the market generally where vendors will no longer have to artificially avoid the price bands where the next rate comes into play.
“In general terms, congratulations Mr Osborne for shooting the running fox that was the shockingly unfair spectre of the Mansion Tax. The vast proportion of buyers, and the health of the property market, will be better off for it.”
Stacks Property Search & Acquisition, 01594 842880 / www.stacks.co.uk
For press information, contact Amanda MacCaw, 01386 700068 / 07977 238175
Call us on +44 (0) 1594 842880 or complete the form below
When making probably the most important financial decision of your life, it pays to have the right advisors at your side.
A holiday home is often an interesting mix of investment and heartfelt connection. You want to use it, but you may well also be keen for others to use it too. We can advise you on what factors to consider in making your decision. And we can then find the perfect holiday home for you to enjoy.
Others say, ‘location, location, location’. We say, ‘location, purpose, price, capital growth, rental returns’… the list goes on. Knowing the market is critical. Local knowledge is key. We ensure all aspects of your investment decision are addressed. Finding, analysing, negotiating, and completing… it’s what we do.
Relocating is time consuming and stressful. We regularly work with clients who live abroad. We hunt, short-list, prepare your viewings, and make the search process as easy as possible. We oversee the negotiations, manage the conveyancing, and deal with the headaches, so you can concentrate on other aspects of your move.
Retirement or semi-retirement is an exciting stage in life. Finding the right home to live in and enjoy it to the full is important. We know that and will do all that we can to understand what you’re looking for… before starting to search. And search we will, until we find the house of your dreams.