Local developer slams 'Stealth Tax'

Twyford-based house builder, Millgate Homes has joined the debate surrounding stamp duty 'Stealth Tax'. Stamp Duty tax rises have come under the media spotlight this month, as it emerged that thresholds for stamp duty have not been adjusted despite significant hikes in house prices having put millions more homes subject to stamp duty.

Recent figures show that the average stamp duty is now £1000 across the UK, rising to a massive £6000 in London. David Simpson, Director and General Manager of Millgate Homes explains:

"There is no doubt that Stamp Duty rates are outrageously high. As we build solely in the South East, our average house prices have risen over the past few years in line with market forces - our average house price is now £450,000, well into the 3% Stamp Duty rate which means anyone considering buying a new home is faced with a crippling charge that goes straight into the chancellor's pocket and is detrimental to mobility of labour.

Although the stamp duty issue mainly affects first-time buyers, one needs to take a holistic view of the impact this is having on the market. Such high rates of tax can cripple the ability of just one person in a chain to proceed, it has a knock-on effect through the rest of the chain, and chains are the foundation of a healthy market. The whole stamp duty system needs to be re-addressed and threshold re-set to reflect current house prices."

ENDS

For further information please contact
Lorraine Morrissey or Charlotte Rhodes at Mitton Marketing Solutions
tel: 01889 584 808 e-mail: lorraine@mitton.co.uk or charlotte@mitton.co.uk

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