Lord Taylor of Warwick – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Taylor of Warwick on 2016-09-06.

To ask Her Majesty’s Government what assessment they have made of the impact of higher stamp duty costs on activity in London’s housing market throughout 2016.

Lord O’Neill of Gatley

The housing market is affected by a wide variety of factors including exchange rates and the economic outlook. The Government continually monitors the housing market as part of the ordinary process of policy development.

At Autumn Statement 2014 the Government announced a radical reform of Stamp Duty Land Tax (SDLT) on residential properties, cutting the tax for 98% of homebuyers who pay it.

The Government believes it is fair that those who can afford to buy the most expensive properties contribute the most. Whilst the reform does increase the SDLT paid on the top 2% of transactions, this increase is small relative to the price of the property.