Autumn Statement

Toby Price, director of the Stamp Taxes Group at Deloitte Real Estate, comments on the changes in stamp duty:

“The changes to remove the ‘pinch points’, which previously saw houses prices bunching at, or under, each stamp duty land tax (SDLT) rate increase, is welcomed. Also welcome is the reduction in the effective rate of SDLT for the vast majority of purchasers.

“However, with eight per cent of purchasers of homes in London paying in excess of £1m, an increase in SDLT to 10% and 12% is likely to have most impact in the London property market. For £1m plus homes, we would expect to see an impact on prices, liquidity and properties being built. In contrast with the changes coming into effect in Scotland, which are fiscally neutral, the changes to SDLT are projected to cost the Exchequer roughly £800m per annum.”

Visit our dedicated Autumn Statement website. 

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Notes to editors

About Deloitte Real Estate

Deloitte Real Estate redefines the concept of a full-service real estate business, offering a breadth of capability and an innovative approach unequalled in the market.

Our team combines traditional property services with financial and business advisory expertise to deliver integrated solutions on the most simple assignment to the most complex. We apply a depth of insight drawn from our understanding of all industries and sectors to advise occupiers, lenders, investors and the public sector on every aspect of real estate in an increasingly complex world.

About Deloitte

In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

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