Lettings is our business, not just part of it!

As the Treasury sees its coffers swell by 20%, there is little chance that the Government is going to ditch the 3% Stamp Duty Land Tax surcharge on property transactions.

The latest statistics released by HMRC show that the number of property transactions in the 12 months to July 31 2017 was 1,204,730, which equates to £12.4bn in SDLT.

Property transactions have broadly remained the same as those in the year up to July 31 2015, when there were 1,205,700 transactions earning the Government £10.4bn, this now show that the Government has earned an extra £2bn in SDLT over the past year.

As property prices rise it is becoming clear that first time buyers aren’t receiving the fair deal the policy was intended for and has only succeeded in generating extra income for the HMRC and a sluggish property market.