The ‘reasons’ underpinning the former Chancellor’s draconian hikes on Stamp Duty in the autumn Budget of 2014 are widely known. Now, we can see that the full devastating and distorting effects on the Residential Property Market have come to pass, particularly in London. Quelle surprise!
Pour yourself a strong fortifying beverage before reading on
You’d better pour yourself a strong fortifying beverage before reading on. With prices down by 25% and activity deflated by a disastrous 70%, certain sectors of the market are practically gridlocked. Frustratingly, this DIY recession is self-imposed, costing the Treasury and UK taxpayer £1billion per annum and rising.