Lack of stamp duty reform disappoints UK property sector

UK rents fall in November
National Rent Review reports a decline in private sector rents in November

Hopes that the 3% stamp duty imposed earlier this year on additional homes would be reversed were dashed when Philip Hammond unveiled his Autumn Statement yesterday. The UK Chancellor failed to take on board calls for a change in the tax which is applied when property is bought.

The calls for reform came after numerous reports pointed out that the higher rates to tax announced two years ago have adversely affected the prime property market.

The disappointment was compounded with the announcement that letting agent fees in England are to be banned, leading to some suggesting that the Chancellor doesn’t understand how the private rental sector works.


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