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South west London property professionals report on the impact of the new tax


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The Chancellor George Osborne has just announced that the new stamp duty rates are: no tax on the first £125,000 paid; 2 per cent on the portion up to £250,000; 5 per cent up to £925,000; 10 per cent up to £1.5 million and 12 per cent on everything above that. Mr Osborne brings an end to what the property profesionals calls ‘slab rates’. Reactions from property professionals vary in their warmth!


Richard Donnell, Research Director at residential property market analysis company Hometrack, says: ‘The slab structure of stamp duty does create distortions at the price breaks... Moving towards a more progressive tax structure will help those looking to get on the ladder.’ Good news apparently.


However, Peter Mackie, Senior Partner at independent buying agents Property Vision, comments: ‘The new Stamp Duty bands will have a severe effect on the middle market in London, particularly for families looking to buy a relatively modest family home between £1m-2m in areas like Wandsworth, Battersea and Clapham. Buyers will have to stump up as much as £100,000 in Stamp Duty for an ordinary Victorian semi- detached home which will force growing families to either look at ways to extend their current home or move further out of London to find greater value.’


Ed Mead, Executive Director of estate agents Douglas & Gordon, comments: ‘It was certainly time to overhaul the stamp duty slab structure, but with the average London property priced at £500,000, stamp duty would amount to £15,000 regardless of the reforms, making buyers in the capital essentially cash neutral. But from £500k to £937k it’s actually cheaper than the old system, so it’s not only first time buyers who’ll benefit.’


Keep warm property hunting and Happy New Year. t&l timeandleisure.co.uk . January 2015 . 103


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