THE PROPOSED STAMP DUTY SURCHARGE FOR FOREIGN BUYERS
Theresa May unexpectedly announced proposals at the Conservative Party conference for a further stamp duty surcharge on non-UK resident buyers of between 1% and 3% of a property’s purchase price to stop them driving up UK price.
The measure aims to raise between £40 million to £120 million a year, only a fraction of the £1.9 billion raised from the more widespread levy on additional homes in 2017/18.
Nonetheless, it is likely to have an impact on the overseas buyer demand in the short term and result in the market remaining price sensitive in the medium term. However, we would not rule out a spike in activity to beat the deadline before the surcharge comes in.← Back to insights