NAEA Propertymark comments on the Budget introduction of 2% stamp duty surcharge for non-UK residents

Mark Hayward, Chief Executive, NAEA Propertymark, comments on the Government’s announcement in today’s Spring Budget to introduce a 2% stamp duty surcharge for non-UK residents.

“If introduced, this policy allows those in the UK to have a better chance at purchasing a home. However, overseas buyers tend to purchase properties in prime central London which are completely unaffordable to most homebuyers anyway. Therefore, this move will not help those that need it most. Ultimately, by energising surcharges, it is likely that purchasers will factor this additional cost into any offers they make on a property so prices may be pushed down in areas where overseas buyers are purchasing.”

Kindly shared by NAEA Propertymark