Counting the real cost of Stamp Duty: The strange case of London’s vanishing mid-market

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A decade on, Property Vision's Simon Connell explains how George Osborne's tax reforms have fundamentally altered the capital's property market.  

Written by

Simon Connell

Partner at Property Vision

After graduating from Newcastle University with a degree in history, Simon moved to London and spent four years learning his trade in estate agency. Having seen how things were done on the sales side of the fence, a move to the buying side was next. Simon has been with Property Vision since 2005 and advises clients on the acquisition of property across London. Simon lives in South West London with his wife and three children. Outside of work he plays golf, loves watching and attending almost any sport you can think of and thoroughly enjoys travel.

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Main image: Americans have been the most active international buyers in PCL, followed by Chinese and Italian purchaser

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Russell Smithers, CEO of luxury developer REDD, pulls no punches in this account of the myriad challenges facing those delivering homes in the capital - and their potentially far-reaching consequences.
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It's being reported that Friday's "emergency mini-Budget" will feature a cut to Stamp Duty. Is this wise, and what impact might such a move have on the property market and on the wider UK economy?
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According to buying agency Ludgrove's workings, a 36% reduction in Stamp Duty rates across the board would likely lead to 40% additional transactions in England per annum, in turn generating an extra £1.