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Chancellor of the Exchequer George Osborne delivers his budget statement to the House of Commons, London.
National real estate agents have warned that a stamp duty increase to £ 2 millions of households all home owners and buyers could meet, by triggering a slowdown in the thriving real estate market.
Chancellor George Osborne announced a stamp duty rate of 7pc on homes costing £ 2 million or more today, midnight, which will affect mostly buyers in London, an area, the keys support the market through consistent price growth due to strong overseas buyer interest.
Real estate agent, said the Chancellor risks “Killing the goose of that lays golden eggs” at a time when flat most of the housing market remains elsewhere.
The Chancellor said that it is “fair”, when money is scarce, and so many families could with the help of the most expensive houses more aimed at buyers.
The National Association of estate agents (NAEA) said that the Government had missed an opportunity to the “outdated” stamp duty system, a tax overhaul is complete as caused to see distortions in the market.
NAEA President Wendy Evans-Scott said: “to revive struggling market, in this will require specific impulses in the entire spectrum of housing to help people buy and sell real estate to do no further sanctions against those able, this.”
President NAEA Trevor Kent said that every homeowner would be taken buyers in reliance by the new top-end tax, with 70% of first-time on the progression of a “chain” of the sale.
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