Houses over £2m just got 2% cheaper

‘House over £2m just got 2% cheaper’, says James Greenwood of Stacks Property Search. ‘As buying agents, we will be asking vendors to settle the difference in Stamp Duty on behalf of our buyers by taking a reduction in price.’

“Properties between £2m and £2.5m are going to be almost impossible to market. And across the board, the new 7% Stamp Duty band is going to be highly damaging to the foreign investment market, the country house market, and the middle market throughout the Home Counties and London.

“What the economy really needs is more liquidity, and Stamp Duty is a roadblock to the movement of capital.

“As a knee-jerk alternative to the Mansion Tax, this is not what was needed. Property taxes require a major overhaul. Continuing to increase the onus on the buyer while the seller pays nothing illogical. And taxes need to be graded not stepped, eradicating the problems around thresholds.

“The UK housing market is barely out of intensive care – and needs care to continue stable and active, not punitive taxes.”

Contact Stacks Property Finders for a free no-obligation consultation, call us on 01594 842880 / International Enquiries: +44 1594 842 880