Budget Reaction Regarding Stamp Duty Changes And Affect To London Property Market

March 24, 2010 - PRLog -- Jo Eccles, Property Expert and Director of London property search company, Sourcing Property (www.sourcingproperty.co.uk), said:

“The increase in stamp duty limit to £250,000 won’t have an impact on first time buyers in London in my opinion – they are struggling to raise the 25% cash deposit now required to purchase a property with a cheap mortgage rate, so access to mortgages and funding is what is required to really make a difference.

“On average, approximately 50% of our clients are looking to buy a property in the £1m and above price bracket.  We anticipate a sense of urgency for those looking to buy or sell in this price bracket between now and April 2011 when the stamp duty rise comes into force.  Thereafter, I don’t think the increase to 5% will put buyers off, however, they may want to recoup this extra tax by incorporating it in to their negotiations, thus passing the tax onto the vendor.”

ENDS

Editor’s notes
Sourcing Property is an independent London property search company which focuses on the mid market price bracket: £350,000 - £2million.

The company was established by property expert, Jo Eccles, in 2006 and has won a number of awards including ‘Best Property Finder, London’ at the 2008 and 2009 Daily Mail Property Awards.

Jo Eccles frequently comments on the London property market in the national press and on TV, appearing as the property and relocation expert on London Tonight, BBC News, BBC2's Daily Politics programme and ITV's Homes & Property series.

# # #

Foundation PR Ltd is a public relations consultancy specialising in property. We have a broad range of clients including property developers, property buying consultants, estate agents and interior designers / interior products.