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Housing industry experts react to ‘neutral’ UK budget

Posted by: In: Real Estate 19 Mar 2014 Comments: 0 Tags: ,

Agents and developers says overseas buyers must not be deterred and although they welcome the Help to Buy extension they are disappointed that Stamp Duty on non-commercial home sales was not reduced

Real estate experts have made early reactions to today’s ‘netural’ UK Budget, which has imposed 15% stamp duty tax on homes worth more than £500,000 bought through companies, but has not otherwise changed stamp duty levels.

Chancellor George Osborne announced, “We are expanding the new tax we introduced to stop people avoiding stamp duty by owning homes through a company. We will expand the tax on residential properties worth over £2 million to those worth more than £500,000.”

Nick Leeming, chairman of leading upmarket agency, Jackson-Stops & Staff, says Britain needs to continue to attract international property buyers.

“We must continue to welcome global wealth to London, particularly in the new-build sector where the creation of high-end homes will deliver affordable housing elsewhere in the borough. International buyers will often invest in properties for future use, when children come to university in London. We must encourage international buyers to consider that London is open for investment and also point them towards investing in less fashionable locations to add to the …read more

Source: OPP



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