PrimeResi’s article captures the reactions of several key individuals in the prime property industry to Budget 2016 (Chancellor George’s eight budget speech). Amongst those who shared valuable insights are Martin Bikhit, managing director of London estate agents Kay & Co.
Referring to the increased Stamp duty charges, Bikhit states “Unfortunately, the higher rates of Stamp Duty Land Tax that were announced in 2015 and the 3% surcharge on buy-to-let properties and second homes will continue to stifle the property market in London”.
Bikhit goes on to mention several positives of Budget 2016 like:
- Cutting of capital gains tax as this allows for greater investment in London.
- Announcement of a policy to help redevelopment of brownfield land as it will create affordable housing.
According to him, if the UK economy is able to steadily grow until 2020, this economic growth coupled with London’s strong position as an international cultural and business hub should go a long way in cushioning the London property market against any big changes in the global economy.
Read more about Budget 2016 here and find out more about our properties for sale in London on our website.