Repercussions of the Autumn Statement
My predictions in my previous blog of 9th December reacting to the “stamp duty” changes made by the Chancellor, appear to have materialised.
The front page of yesterday’s Evening Standard, “London House Buyers Slash Offers” proves that it is in the capital where a lot of the pain is being felt.
It is claimed that 98% of transactions are better off with the changes, but one’s sale price needs to be under £937,500 to benefit from this.
Sadly in the more central parts of London one can buy very little for this, by anybody’s standards, substantial amount of money. Be that as it may, the capital, one feels is being heavily hammered by these changes.
Hopefully the vendors will be looking at the capital appreciation they have made on their properties since they bought them, as being very satisfactory, even if they do have to take a bit of a hit on their sale price now to absorb some of the buyer’s increased stamp duty costs.
We will see!