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Agents' call for stamp duty reform backed by business chiefs

The Treasury should review the impact of stamp duty on London's market given recent political and economic changes according to London Chamber of Commerce and Industry.

The current stamp duty structure - announced in December 2014 by then Chancellor, George Osborne - has been widely blamed by estate agents, developers and some financial analysts as leading to a significant downturn in the sale of £1m-plus properties in prime central London in particular.

This is because even though stamp duty was reduced by Osborne for most residential sales - which typically are far below £1m - the duty applied to high-end property was significantly increased.

"One of London Chamber's primary concerns is that ordinary Londoners can afford to live and work in the capital, helping businesses attract and retain the best talent” says Colin Stanbridge, chief executive of LCCI.

"The 2014 reforms were introduced in a very different political and economic landscape. Since then we have had a new government and, most crucially, seen a vote to leave the EU. As a result the London economy has seen some seen uncertainty” he continues. 

With another Budget scheduled for March 8, the LCCI says it believes the Treasury should consider a review of the impact of stamp duty on London's property market. 

“With Brexit on the horizon it is important we maintain London as an attractive and thriving economic hub" states Stanbridge.

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