Dominic Agace, CEO of Winkworth PLC, had this to say about the Chancellor's announcement that Stamp Duty is to rise to 7% on all properties valued at £2million and over:
"According to the Rightmove portal, there are around 2,000 properties currently for sale at the £2million plus mark. Given this relatively low volume, I question whether raising the Stamp Duty on properties at this level will have any notable impact when it comes to raising funds - especially when there is so much leakage in the system, with property transactions at this level often going via offshore banks.
Despite the economic climate, property transactions at the £2million plus level have been incredibly stable in the Capital. I believe raising Stamp Duty on these properties will simply serve to lower transactions, pricing out families looking to upsize and leaving only the investors and super-rich foreign buyers who will hold on to properties long-term. The end result will be a stagnant market and higher prices. Surely, this is counter-productive?"
9 Jan 2017
8 Dec 2016
29 Apr 2015
12 Mar 2015
12 Mar 2015Have you any commercial property events you'd like to tell us about? It could be networking, exhibitions, seminars, industry lunches or sporting fixtures. We will list them for free. Just email newsdesk@propnews.co.uk with the following details: Event name, date, time, venue, cost, booking info and a brief description of the event.
To list your property job vacancies on Property News. Email: richenda@propnews.co.uk.
RSS Feed
