Hope for London residential conveyancing boost
Boris Johnson told Chancellor of the Exchequer George Osborne if the capital does not come up with a new plan to build much-needed homes, London will “stagnate and the whole country will suffer the consequences”.
The proposals could see around £1.3 billion worth of annual Stamp Duty made available to facilitate the building of almost one million homes by the 2030s. This will, the mayor says , unlock the potential of city boroughs, allowing developers, including housing associations, to create a “stable supply of land for housing” which, in turn, will ensure ongoing residential conveyancing transactions in the future.
Jonathan Glanz of Westminster City Council said, “The mayor’s proposals have the potential to halt the polarisation of central London as a place where only the wealthy and needy can find homes.
“It makes absolute sense for London to retain the stamp duty on sales, particularly in boroughs like ours and Kensington and Chelsea where the preponderance of high value properties triggers the higher rates of stamp duty.”