Boris Johnson has made a bold promise to abandon all levies on
properties valued at under £500,000. The hopeful PM also intends to
lower the top rate of stamp duty tax on the most expensive properties
(valued over £1.5m) from 12% to 7%.
Home movers planning on buying property under the half a
million-pound mark will also benefit from Boris’ stamp duty reforms.
While George Osborne’s changes in 2014 lowered stamp duty for this
group, this change would make them exempt from stamp duty altogether.
The top end of the property market could get a boost – and prime London property prices may increase.