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PRESS RELEASE: Increasing stamp duty for overseas buyers could “level the playing field”
The surcharge for stamp duty land tax (SDLT) which non UK residents must pay to buy a home in England and Ireland should be doubled, according to a leading property association.
Under current rules, foreign buyers must pay a 2% surcharge and up to an additional 5% if the property isn’t going to their main home.
But the National Association of Property Buyers believe Ministers should hike the surcharge to 4% to help “level up” the market.
Their suggestion comes as latest figures show almost 250,000 homes in the UK are now owned by overseas nationals.
Prices Stabilising and Stock Levels Heading Back to Normal
UK home prices adapted quickly to higher mortgage rates during the latter part of 2022 and look set to stabilise over the coming months, according to Home.co.uk’s Asking Price Index for February.
The 0.2% dip in asking prices during January may well have already factored in this month’s further hike in the Bank of England base rate, which was widely anticipated. Further minor adjustments in asking prices may follow depending on the strength of demand, which typically increases in the spring months.
How to ensure estate agents get a constant flow of new instructions
Right now estate agents and lettings agents have their backs to the wall, with increasing overheads and reduced inventory to let and sell meaning less revenue.
Nitin Aggarwal, founder and CEO of Property Deals Insight explains how he is on a mission to save agents.
“We help estate agents get a constant flow of new instructions, knowing that to sell or let a property agents first have to win that instruction. Getting fresh inventory is a huge problem for agents, and after many years of refinement, we have a trusted solution, ensuring PDI agents get more.”
The Proptech-X Weekly Roundup in association with Estate Agent Networking.
Andrew Stanton is the founder of Proptech-PR, a consultancy for Founders of Proptechs looking to grow and exit, using his influence from decades of industry experience. Separately he is a consultant to some of the biggest names in global real estate, advising on sales and acquisitions, market positioning, and operations. He is also the founder of Proptech-X Proptech & Property News, where his insights, connections and detailed analysis and commentary on proptech and real estate are second to none.