Following the recent stamp duty reforms, London property sales fell by 64% in the past year as the higher tax rates affect properties selling for more than £2m . It means those buying £2m homes now pay an extra £50,000 in stamp duty. According to Douglas & Gordon , property prices dropped 1.4% (£ more than £2m ) in the prime areas between Douglas & Gordon and Ed Mead during the past year . Ed Mead , Director of Douglas & Gordon states that the problem with this is that "when prices fall sellers do not put their properties on the market, causing paralysis in the market". Although the new stamp duty changes affect those buying a multi-million property, it benefits 98% of people who are paying tax on a new home.
Following the recent stamp duty reforms, London property sales fell by 64% in the past year as the higher tax rates affect properties selling for more than £2m . According to Douglas & Gordon , property prices dropped 1.4% (£ more than £2m ) in the prime areas between Douglas & Gordon and Ed Mead during the past year . Ed Mead , Director of Douglas & Gordon states that the problem with this is that "when prices fall sellers do not put their properties on the market, causing paralysis in the market". Although the new stamp duty changes affect those buying a multi-million property, it benefits 98% of people who are paying tax on a new home.