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Chancellor Philip Hammond is being warned that the property market is “in a parlous state”.
He has been told that any further property taxes could harm the Government’s already dwindling Stamp Duty takings.
The plea comes as the Government plans to introduce an additional Stamp Duty levy of 1% on non-resident purchases, with a consultation due in the New Year.
But property investment firm London Central Portfolio (LCP) has warned that analysis of HMRC’s third quarter Stamp Duty receipts shows liable transactions fell 4% annually to 290,740, down 8.7% on three years ago.
Tax receipts were also down 8.2% annually, to £2.39bn.Full/source article
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
As some have said its impossible to assess the real impact but most would agree that there will be a negative economic impact from Brexit and only the most rose tinted investor can read this as a positive for the market. My own view is that with a hard Brexit we may see a 20% adjustment in existing values, with some areas worse than others (mainly the north) and with a soft Brexit maybe a 5% adjustment.If we manage to cancel Brexit you may actually see a boost over the next 18 months which will be a reaction to investment monies being put to work that were being held back.I think the post has rather turned into a pro and anti Brexit post when the question was really about values.My experience... mortgage lender from mid 90s to 2007, investor for 30 years. Just one note on the anti regulation noted above.... I would just point out that if we had had better regulation in the early years of this century we would not have had the pain that 2007/08 brought, after all, it may have started with Century21 in the US but we were way to hot here and lending to applicants (and landlords) who really had no business borrowing in the first place.
Jonathan Stephens, MD of Surrenden Invest shared his expert opinion on the situation, highlighting some positive aspects which are likely to come out of Brexit – specifically foreign investment into the UK housing market.
He told Express.co.uk: “There was much talk around the time of the Brexit referendum that a vote to leave Europe would trigger a housing market crash. Thankfully, the country’s housing market is not so quick to react as its stock exchange or currency.
“However, as we approach the 29 March deadline, the market is beginning to respond to the UK’s decision to leave the EU. We’ve already seen indications that prices in London and the South East are beginning to dip, which is likely to continue as buyers finally let their pre-Brexit jitters play out.”
Jonathan explained whatever the outcome with Theresa May’s Brexit deal, either direction will likely see a slowing of the market.Full/source article