"At the top end of the market, stamp duty increases and market uncertainty have led to a slowdown above the £1m mark."
Of the 235,000 property transactions incurring stamp duty, 56,100 were subject to the additional 3% stamp duty surcharge totalling £440m.
So far in 2016-17 there have been 86,400 transactions of additional properties accounting for £1,288m in total SDLT receipts, of which £670m is attributed to the additional 3% tax.
Jeremy Duncombe, Director, Legal & General Mortgage Club, commented: “Given the turbulence in Britain’s political landscape in the last 6 months, it’s reassuring to see that today’s statistics have not shown a drastic drop in transaction numbers.
“It is comforting to see that the number of property transactions under £250,000 is continuing to rise – even if higher value property transactions have declined year on year. At the top end of the market, stamp duty increases and market uncertainty have led to a slowdown above the £1m mark. At this level, homeowners are having to carefully weigh up the significant costs of moving
“Despite a generally positive set of numbers, the structural challenges in our housing market remain. The demand for affordable housing continues to overwhelmingly outstrip supply. Until this issue is tackled head on by our Government and the housebuilding industry, prices will outstrip wages and remain unaffordable for many. Only when we balance supply and demand will we start to see our housing market revert back to a healthier, more affordable state, leading to sustainable increasing transaction numbers.”
