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Stamp duty rise would slow down market recovery

Property experts at the Royal Institution of Chartered Surveyors (RICS) have expressed concern about the finish of the stamp duty holiday at the end of this year and the knock-on negative impact it would have on the property market.

RICS also stated that the housing market is struggling in some areas in the UK, and the abolition of the stamp duty holiday could bring about a total market collapse in those areas.

The starting point for stamp duty was raised from £125,000 to £175,000 as a temporary measure to help the recovery of the housing market, but on 1st January 2010 the starting point will once again return to £125,000.

RICS experts fear that doing so will seriously affect areas already lagging behind in the property market recovery, such as the East and West Midlands, Wales and Scotland. These areas are most at risk because most properties in those areas fall into the price range of £125,000 to £175,000.

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