RAISE STAMP DUTY THRESHOLD IN TODAY’S BUDGET

Ahead of today’s budget, leading Central London Estates Agents Hurford Salvi Carr are backing Gordon Brown to take the brave decision to raise the threshold where 3% stamp duty kicks in, to properties with a starting value £300,000 rather than the current level of £250.000.

David Salvi, Director at Hurford Salvi Carr comments:” The Halifax have recently reported that an estimated 3.5 million homes across England and Wales are now valued above the £250,000 stamp duty threshold. These homes equal an amazing 19% of all residential properties for sale in the country, in Central London this is even more pronounced with perhaps 80% of London properties now being valued at £250,000 and above.

“As house prices have risen across the country in recent years, more and more people are finding they are being caught in the 3% stamp duty threshold as values of properties they wish to purchase rise above £250,000. This can be particularly difficult for young families who look to move out of smaller Clerkenwell properties as their families grow.”

“Hurford Salvi Carr feels that a rise in the 1% Stamp Duty threshold to £300,000 would to a certain extent offset the high borrowing costs that first time buyers and young families face as a result of the recent interest rate rise. This would also reflect the substantial increase in values of residental property across the UK since 1997”.