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Peter Rollings responding to the NAEA/ARLA campaign to reform stamp duty

Written by Wriglesworth Consultancy

Wednesday, 14 October 2009

"Stamp duty is an injust tax on home buyers that has risen alarmingly since Labour came to power. The tax rises from 1% to 3% the moment you pay £1 over £250,000, which is crazy and means there’s often a 'black hole' for property prices at the tax crossover points because nobody in their right mind is going to pay £255-260k or £500-£525k. It is a pure property tax and the government has nothing to do to generate it. Rumours persist of further stamp duty increases, but the government would be wise to avoid ‘killing the goose that lays the golden egg."

- ENDS -

For further information please contact:

The Wriglesworth Consultancy, James Staunton / Tom Urpeth 0207 427 1400

 

Marsh & Parsons has been part of the London property scene since 1856. The sales and lettings agent has 14 offices situated in prime positions across central, west and south London . They have an intimate and extensive knowledge of the area.

Marsh & Parsons are an independent and professional firm with a 'can-do' attitude covering all aspects of residential property. They aim to establish individual relationships with clients through a business built on energy, agility, professionalism and knowledge. Their business aim is to be the agent who not only understands the local area around their offices better than any other agent, but also to be at the heart of the community.

Comments (1)Add Comment
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written by Eric Walker, October 15, 2009
I have a development in London. Valuations of GDV has varied from £5.7m to £7.3m from reputable agents. There are no valuations in between these extremes. Why? Because some stick to the stamp duty land tax threshhold of £250k. Others know that at £260k, units wont sell as they fall in to the 'black hole', so bump up prices to £285K. My thoughts are that buyers should pay 1% upto a threshhold then a higher percentage for the overage, not the entire purchase price. The current system causes inertia followed by huge leaps in value. It must be reformed. But it needs property professionals to advise, not just accountants and economists.

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