On the announcement that Stamp Duty will be increased to seven per cent on properties valued at £2m+, Adam Challis, Head of Research at Hamptons International, commented: "Increasing stamp duty on properties priced at more than £2m will have a negative impact on transactions at the top end of the market and will disproportionately impact the London property market. London's economy relies on being an attractive place for corporate executives to base their businesses; the Robin Hood Addiction can't go on forever without impacting London's global competitiveness."
"The stamp duty increase will affect 2,600 per annum homes
across the UK, 45 per cent of which are based in Central
London. We predict a "margin shift" affecting 400 properties
which are likely to now be marketed below the £2m mark, as a direct
result of the stamp duty announcement."
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