Mullucks Wells Residential Director, William Wells, has given a cautious response to the Stamp Duty reforms revealed in this week’s Autumn Statement .
He says, “Of course we welcome anything that reduces the Stamp Duty bill on property and particularly for those buying homes up to £500,000, it’s good news. But the increase in the duty now due for properties above £2.1m will cost buyers an extra £18,750 than it would have done before.”
William Wells attacked the government’s strategy saying, “The changes will be a deterrent for people buying and selling in this bracket which is bad news for this area of Hertfordshire and Essex. It will have a knock effect lower down the chain. It is a simple electioneering tactic and a headline grabber, providing an alternative to Mansion Tax.
“The property market in the former 5%-7% Stamp Duty bracket was struggling before and this eye watering change will put the brakes on further. The Government has talked about an ‘aspiration nation’ in previous budgets. This couldn’t be further from that idealism.”