This week, our Founder and Managing Partner, Camilla Dell joined a host of fellow industry experts discussing the future of the UK’s prime property market in PrimeResi.
“A Labour win isn’t going to have a positive impact on the super prime London property market. Labour want to increase tax on overseas buyers which is already at 15%, an extortionate amount.”, Camilla shared. “Most overseas buyers aren’t even competing with first time buyers as they are buying well above £1 million. What the London property market needs is more affordable stock, not higher taxes. Higher stamp duty will cause the market to stall meaning fewer transactions, but not necessarily huge price falls.”
“The last time stamp duty went up the London market fell pretty much in line with the increase. How much the market falls this time all depends on what the extra increase looks like.”, she continued. “A 60% tax, such as what the Singapore government have brought in for overseas buyers, would be disastrous and would erode confidence in the market in London. Right now, most overseas buyers are unaware of the changes a Labour government would implement if elected but I imagine that will start to change as we get closer the GE”
Read the full article here.