Prime Resi, 03/11/2025

Budget 2025: The luxury property industry’s hopes, fears & expectations

Quoting James Greenwood and Sharon Barnard of Stacks Property Finders

The Budget won’t be as bad as we fear, but will be worse than we hope

James Greenwood

James Greenwood of national buying agency Stacks Property Search

“The likelihood is that the Budget won’t be as bad as we fear, but will be worse than we hope. From a property point of view, the market has been jittery due to all the kite-flying; as soon as there’s some certainty, things can settle at a new normal.

“In terms of the best and worst options, and the one with least bad unintended consequences, an overhaul of the Council Tax system is most equitable and least damaging. The system is massively out of date, both in terms of bands and valuations. It’s not that hard to revalue most properties without the need to visit, and an annual chipping away at property owners is much less damaging than big headline announcements of new taxes.”

CGT on primary residences would almost certainly stall the market

Sharon Barnard

Sharon Barnard of Stacks Property Search

“CGT on primary residences would almost certainly stall the market, which would of course reduce Stamp Duty payments. And a moving property market is vital to economic growth. So this would be an incredibly damaging policy.

“Stamp Duty is a tax that people hate, but that is generally accepted at current levels. If we see further increases it could be a serious anchor on the market.”

Read the full story here

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