Let’s face it, if you drive past a Waitrose it’s quite likely that you’re passing through a fairly well-to-do middle class area. Whilst other food retailers don’t have quite the same status-affirming presence, a Waitrose gives off an unmistakeable air of ‘middle-class-ness’.
Sales of luxury property in London have seen a considerable slump following Chancellor George Osborne’s sharp increase to stamp duty. Property industry observers have given warnings that the situation is becoming more and more harmful to the property market. Douglas & Gordon, an estate agency with particular expertise when it comes to property in the capital, have seen a drop of almost two thirds in sales of top-end homes in the “prime central” areas of London.
Responding to the HM Treasury consultation on the 3% surcharge on Stamp Duty Land Tax (SDLT) proposals for second properties, the Council of Mortgage Lenders (CML) urges reform of the implementation plans to mitigate potentially negative impacts on the housing market as a whole.
Chancellor George Osborne landed buy-to-let landlords a shock during the Autumn Statement by announcing a 3% stamp duty surcharge on property purchases from 1st April 2016.
The addition of a 3% extra charge for buy-to-let and second homes on all stamp duty bands above a £40,000 starting level will see some purchases taking on a much larger amount of stamp duty.