Stamp Duties

HM Treasury written question – answered on 11th September 2017.

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Photo of Nicholas Soames Nicholas Soames Conservative, Mid Sussex

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effect of stamp duty levels on the housing market; and if he will make a statement.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

The property market is affected by a wide variety of factors. The Government published an assessment of the 2014 changes to Stamp Duty Land Tax in 2015. It showed that in the year after the reforms, the number of residential property transactions above £1m was the same as the year beforehand. The analysis can be found at:

https://www.gov.uk/government/publications/preliminary-assessment-of-2014-residential-sdlt-slice-reforms

Recent statistics show that residential transactions greater than £2m are 9% lower in Q2 2017 than Q2 2014, while transactions between £1 and £2 million are 19% higher.

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