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Güner Gümüş analyzes the impact of stamp duty increases on the real estate market

Güner Gümüş analyzes the impact of stamp duty increases on the real estate market
06.11.2024
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Stamp Duty Land Tax (SDLT) increases, effective as of November 31, 2024, have created wide-ranging effects on the UK real estate market. The government’s move, particularly targeting second homes and investment properties in high-value areas, aims to reduce demand in these segments.

Trainee lawyer Güner Gümüş spoke to Londra Gazete and shared insights on both the short- and long-term effects of the SDLT rise. Gümüş noted that the increase could deter purchases in the short term, especially for investors, as higher costs may delay buying decisions. In the long run, the changes could help stabilize prices and improve access for local buyers, though they may also reduce the market’s appeal to foreign investors.

Impact of New SDLT Rates on Buyers

The new SDLT rates impose an additional tax burden of 3-5% on second homes, significantly raising costs in premium areas like London. While properties under £425,000 remain exempt for first-time buyers, Gümüş explained that the new rates increase progressively, reaching up to 15% for high-end properties, thus particularly impacting middle- and upper-income buyers.

Potential Market Stabilization

Long-term projections suggest SDLT increases might balance demand, with fewer investors crowding the market. However, Gümüş cautioned that high tax rates could deter international investors, potentially making the UK real estate market less attractive.

Responsibility of Property Lawyers

In this new landscape, Gümüş emphasized the importance of property lawyers providing clients with detailed tax planning guidance. Buyers may require enhanced support to make informed decisions amid shifting market dynamics. Strategic guidance, especially for investors, is crucial for navigating increased tax burdens.

SDLT Impact Expected to Emerge Gradually

The SDLT changes’ effects may take time to materialize fully. Gümüş noted that market adaptation will likely bring some price adjustments, with property lawyers playing a key role in helping clients adapt to evolving market conditions.

This SDLT regulation is expected to shape investor and buyer decisions, with its broader impact on market equilibrium to unfold over time.

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