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Boris Johnsons magazine says Stamp Duty …
The right-wing political magazine that Boris Johnson used to publish called for reducing stamp duties.
The Spectator says next week's budget will have to prepare Johnson's new majority government to overcome its current £ 40 billion deficit, so warns that tax cuts will be scarce.
But he then adds: "If a tax needs to be reduced, it is likely to be stamp duty on property purchases, at least those made by owner occupiers at the lower end of the market. No tax has been so diverted in the past two decades. "
The author of the article – the famous political and real estate commentator Ross Clark – says that the recent wave of increases in the SDLT means that the buyer of a million-dollar property pounds – which would have paid £ 10,000 in stamp duty in 2000 – will pay today no less than £ 43,750.
And if the property is a second home or for investment, the bill goes up to £ 73,750.
"No wonder fewer of us want to move or invest in real estate," he said, adding: "The number of transactions in the UK has never recovered from the 2008 crisis / 09. From 1.7 million sales in 2006/07, sales fell to 792,000 two years later and recovered, but only to 1.19 m in 2018/19. "
Clark says this tax is a great example of the Laffer curve, which suggests that higher taxes don't always generate more income. Stamp duty revenue increased from £ 12.9 billion in 2017/18 to £ 11.9 billion in 2018/19.
"Few people will be sorry, but one of the big victims of stamp duty has been the profession of real estate agent. Selling homes has long been the natural choice of a yuppie looking for a quick fortune, "says Clark, who cites both the Countrywide / LSL merger talks and the long-term increase and decrease of Purplebricks as evidence of the industry's problems.
"While agents have long accused of pushing up house prices by encouraging exhaust, etc., they have little interest in pushing prices up a few percent. What really makes or breaks them is the volume of sales. If people don't move, they won't make any money, "he said.
Clark says cutting stamp duty would be welcome help for industry – but adds it will take more than that to get back to what he calls the heyday from the real estate agency.
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