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Autumn Statement 2017

By Andrew Ellinas LL.B.Wednesday, 22 November 2017

The fact that stamp duty has been abolished for first-time buyers is great news, but there was actually very little in the budget that will help the London property market.

I feel that there were a lot of missed opportunities and I am disappointed that there wasn’t a much further reaching reform of the property taxation system. The problem in London is that a £500,000 budget won’t buy you very much.

Also, there wasn’t any help for homeowners already on the ladder that need to move. The increased stamp duty for properties over £1 million means many in London can’t afford to progress so where are all these first-time buyer properties going to come from? The London property market is the driving force behind the entire economy and if that stops then it prevents transactions elsewhere.

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