Daniel Austin comments on government’s proposal for revisions to stamp duty

Will the HM Treasury’s plan to replace stamp duty with a new property tax be an effective tool to get the housing market moving and generate revenue for the public purse or is it just another wealth tax in disguise?

Stamp duty land tax (SDLT) has long been considered by economists the biggest barrier to moving home, so a revision of the current system is a positive step. The government’s proposal is to charge a tax on the sale of homes above £500k.

ASK's CEO and Co-founder, Daniel Austin commented:

“If implemented, the tax risks creating an artificial ceiling on many properties around the £500,000 threshold, stalling the market in this bracket and ultimately affecting all price points. It will clearly have a significant impact in high value areas, such as London where the average house price is now more than £500k. A review of SDLT is long overdue but building more homes to increase supply is what will unlock market mobility.”

Read the full article published in Property Week here