Monday, 25 May 2020

Investors back stamp duty reform

TWO-THIRDS of property investors are in favour of plans to introduce a three per cent stamp duty surcharge on non-UK property buyers, according to a new survey.

But 70 per cent of more than 750 UK investors surveyed by FJP Investment also did not believe that the reforms would ever happen.

Of these, 68 per cent back the move to give residents more say in the style of new-builds in their local area, while 60 per cent support banning the sale of new homes as leaseholds.

Of the Conservative Party’s other election promises, 59 per cent would be happy to see income tax rates frozen for the next five years and just over half are in favour of not raising capital gains tax between now and 2025.

However, this research also showed that many property investors have doubts over the new Government’s ability to follow through on the pledges made during the election campaign with 61 per cent expect the Government to miss its target of building one million new homes by 2025.

Jamie Johnson, CEO of FJP Investment, said: “The December 2019 general election might have been dominated by Brexit, but the Conservatives also promised many potential reforms during the campaign. Our research shows that when it comes to the property market, the majority of UK investors are in favour of their key policy ideas, including a stamp duty surcharge for overseas buyers and giving local residents greater say in new-build developments in their area.

“However, the question now is whether Boris Johnson and his team can deliver on their promises. And at present, a great many property investors in the UK doubt that they can – particularly when it comes to building more new homes and stabilising the economy.”

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