Thursday, 20 September 2018

Property Taxes Need Overhaul To Reignite Housing Market


An overhaul of “outdated” property taxes could give the housing market a boost, surveyors have said. The Royal Institution of Chartered Surveyors (RICS) argued a housing tax overhaul, including ending stamp duty on certain properties, could re-balance the market and reignite activity. It said the Government should look at what changes are needed to create a more vibrant property sector with a full-scale review of the stamp duty system - and “stamp out outdated housing taxes to help young people buy their own homes”. RICS said nearly half of professionals responding to its residential market survey feel a change in the tax system is needed to improve the situation for younger buyers in purchasing a home.

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