The London property market continues to perform well. However, the Chancellor needs to look at stamp duty in the £1m- £3m price bands to ensure that people who want to buy a family home in London are not penalised to the extent that they will think twice about moving. The current stamp duty arrangements at the top end of the market are also acting as a disincentive to sell. This has not only hit tax revenues but also had a major impact on related industries, from construction, to furnishings and all services related to buying a home.
Property Week is launching a new campaign urging the government to ‘Call Off Duty’. Following the Chancellor’s failure to announce any changes to the stamp duty regime in his Autumn Statement, we are calling on him to stop ignoring the valid points made by the property sector and to rethink the crippling 3% surcharge.