MITIGATION COULD EASE BURDEN OF NEW STAMP DUTY RATES
The Royal Institution of Chartered Surveyors (RICS) suggests the Chancellor’s much publicised changes to stamp duty tax legislation will have repercussions within the London housing market.
Yet Fiducia’s efficient tax planning processes could save buyers money, easing the effects of the changes and ensuring they won’t have to miss out on purchasing the home they want.
Rightmove has reported the average asking price of property in London has dropped a record £30,000 in the past month, and the immediate implementation of a 10% rate on homes worth up to £1.5 million and 12% rate on those worth more than £1.5 million looks set to drive prices down even further.
HOUSE PRICE GROWTH STALLS
The RICS monthly house price index revealed that overall UK house price growth fell in November to its slowest pace since May 2013 (13%), down from 20% in October, whilst new buyer enquires have also declined for five consecutive months.
Uncertainty surrounding the housing market looks set to continue as we head towards next year’s general election, with Rightmove also reporting that only 6% of people are looking to move in the hope of further housing reform depending on the outcome of the vote.
MITIGATION WITH FIDUCIA
Stamp duty reform has long been overdue, with Ben Southwood of the Adam Smith Institute even saying the old stamp duty slab system was the “worst tax in Britain”.
Whilst the effects of the reforms are expected to be positive across the country, the knock on effects in London and the South-East may mean you could make use of our legally compliant and efficient mitigation strategies to ensure you save money.
If you are concerned the recent stamp duty overhaul is stopping you buying the property you desire, you can contact us or call us today on 01625 599 200 for more information.