Stamp duty status
Despite a fall in transaction levels, the prime London market remains active and there remains demand for property which is increasingly priced according to current market conditions, especially where it is best in class. We do not expect to see a cut in stamp duty in the near future. Figures from HMRC show that, across the country, the number of £1 million+ transactions has changed little since 2014, with 17,700 sales in the year to the end of June. A relatively high proportion are paying the 3% stamp duty surcharge, indicating that receipts from this end of the market are unlikely to have fallen. Overall, stamp duty receipts from residential property have continued to rise, reaching £8.99bn in the last year.