In­dus­try re­acts to £2mhomes duty

Yorkshire Post - Property - - FRONT PAGE -

THE new stamp duty rate of seven per cent for homes over £2m has not been well re­ceived by the prop­erty in­dus­try.

Rates now stand at one per cent for prop­er­ties be­tween £125,000 and £250,00; three per cent for £250,000 to £500,000, four per cent for £500,000 to £1m and five per cent for the £1m to £2m bracket.

Lu­cian Cook, di­rec­tor of re­search at Savills, says: “This gives a clear sig­nal that stamp duty re­mains the weapon of choice.”

His cal­cu­la­tions re­veal that £2m plus prop­er­ties would ac­count for 23 per cent of stamp duty re­ceipts from res­i­den­tial prop­erty, de­spite only ac­count­ing for less than one in 200 hous­ing trans­ac­tions in the UK, most the them in London and the South East.

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