Double stamp duty surcharge for overseas buyers to ‘level’ UK property market for locals, urges lobby group
The industry lobby group has called on the government to double the existing two percent surcharge, arguing that foreign buyers from "high income and low tax locations" are driving up UK property prices.
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Doubling up on Stamp Duty for Overseas buyers in UK
According to the National Association of Property Buyers (NAPB), the UK government should increase the stamp duty surcharge for overseas buyers who are purchasing a property in England. The lobby group stated that this would help to "level the playing field" in the face of an increasing number of "wealthy foreign buyers".
Currently, overseas buyers must pay an additional two percent surcharge if they intend to live in the purchased property and an additional five percent if the property is not their primary residence.
The industry lobby group has called on the government to double the existing two percent surcharge, arguing that foreign buyers from "high income and low tax locations" are driving up UK property prices. The group has further warned that the collapse of the sterling has created a "huge discount" for overseas buyers and increasing the surcharge is necessary to address housing "inequalities."
Foreign ownership is reducing available stock in the sales and rental sector and pushing up prices
Jonathan Rolande, spokesperson for the NAPB, stated that foreign ownership is reducing the availability of properties for sale or rent and pushing up prices. Additionally, he noted that increasing the surcharge would generate additional funds for the treasury, emphasising the need for the UK government to adopt a broader approach to the housing market.
The calls for an increased stamp duty surcharge come as figures reveal that nearly 250,000 UK properties, with a total value of £90.7 billion, are currently owned by overseas nationals.
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