Stamp duty significantly reduces the mobility in the property market of England

The current scale stamp duty significantly affects conditions in the market of real estate of England and Wales. This conclusion was made as a result of a joint study by the London School of Economics and Institute of Economic Research.

If the tax was repealed, it would have pushed the old owners of residential property in England and Wales to move and on the market there would be a 27% free-for-sale housing that would strongly support those who buy a property for the first time.

The need to pay Stamp duty in accordance with the applicable rules up to 10% when housing costs above £925000 means that many potential buyers simply refrain from moving. So, for a property worth £600,000 pounds, which for London is quite an average price, cost of stamp duty will be £20,000 and for a property worth £2 million – the price of 1£43,000 pounds. Stamp duty severely constrains the mobility of buyers, creating distortion and a mismatch in the property market.

Approximately 90% of Britons want to have their own house or apartment, but only 60% have. Other people are clients of market rent.

The British government is putting a lot of effort to make the market of real estate of great Britain is available for young families and people with low incomes. They were exempt from taxation real estate is cheaper £125000, introduced a scheme of assistance “Help to buy” for those who buy an apartment or a house in England for the first time, however, this is clearly inadequate. Given that the pace of construction lags behind the needs, the review of the scale of stamp duty would significantly push the activities on the secondary real estate market.

® Helen Entree. 09.08.2017 G.

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