Stamp duty change is welcomed
THE latest budget revealed a reform of stamp duty land tax for bulk purchases to encourage property investors.
Wendy Evans-Scott, president elect of the NAEA says: “The review of stamp duty, for which we have long campaigned, is a positive step and we believe the Chancellor is right to address planning laws and change of property use. However, without the ability to overcome the substantial capital barriers that are currently restricting property ownership, the market will stagnate in 2011.”
The Chancellor also announced plans to make it easier to invest in REITs, Real Estate Investment Trusts.
ARLA, the Association of Letting Agents, welcomed the moves.