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