The firm is warning that we could risk inflating house prices
Gordon Dadds, the legal and professional services firm, calls on the Chancellor, Philip Hammond, to review the Stamp Duty Land Tax.
The firm warns there is now a risk that these increases could cause a stagnation in the UK housing market, which it argues is not operating fairly.
Justin Neal, Partner and Head of Real Estate at Gordon Dadds, says:
“Stamp duty has impacted liquidity in the market and has penalised those looking to move house. We are at risk of the property sector stagnating with a lack of houses for sale at a fair and stable price.
“Further opportunity needs to be created in the residential property market for first time buyers and until this is done, tinkering with stamp duty and shared ownership will do nothing but inflate house prices.”
“The Government should do much more to ensure good quality family homes are created, as it may encourage new families to move from the one or two bedroom apartments, which will free up first time buyer stock for new first time buyers.”
Gordon Dadds also believes that the additional flat rate 3% stamp duty being charged presently should be scrapped, and a tax on properties not being occupied for more than six months of the year could be applied through council tax.