Mansion Tax - Where Next For The Housing Market?

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Seminar on 23rd March at Double Tree Hilton

The London property market, and in particular the market for family homes in the Ealing and Acton area, looks set to become a political football in the run up to May elections.

‘Mansion Tax’ first mooted by Vince Cable and his Liberal Democrats in 2009 as a possible revenue source to underpin public spending has been championed by Ed Miliband and Labour as a key election issue.  This has come on the back of Stamp Duty changes in December, whose impact commentators suggest has yet to be fully felt at the top end of the market.

With local homeowners feeling uncertain how the above may affect them, Go View London Sales Director, Donald Collins with the assistance of  Modern Day Marketing has organised a property seminar on 23 March entitled ‘Revised Stamp duty, possible ‘Mansion Tax’ – Where next for the Housing Market?

Go View London have sold some of the area’s most expensive properties in recent years and the company has grown organically from a new start up agency, five years ago this May, into one of the area’s largest independent agents now employing 10 full time members of staff from their office at 24 Station Parade, Ealing Common.

Donald Collins, outlines why he felt a seminar was important to help bring clarity to the issues at hand:

“Mansion tax, coupled with the stamp duty changes effectively brings a cloud over the £2 million housing market and this could potentially compress values between £1.5m to the £2m mark.

“Given my discussions with clients and hearing their concerns over the last two months I felt it was important to devote time to setting up the seminar.  The local MP for Ealing Central and Acton, Angie Bray, in addition to Anthony Best from Prince Evans Solicitors have kindly agreed to speak on the evening.

There will be a question and answer session afterwards, in which Jeremy Teall from Prince Evans will join the panel,  in order for local homeowners and buyers to get a better understanding over how a potential ‘Mansion Tax’ and the new stamp duty changes could affect them.

“I don’t think the effect of the stamp duty changes have been fully felt in  London, but initial feedback from our clients has been two fold 1) Frustration amongst purchasers between 1.5m and 2m that they are being taxed approximately around £50,000 more than under previous regime and who were cautiously making their purchasing plans under the 7% hike under the old ‘slab’ system and 2) Surprise and delight amongst first time buyers and investors at the lower end of the market that stamp duty on a one bed flat at 350k is now £7500 as opposed to £10500 under the previous regime. 

“Indeed, the statistic is that 90 % of buyers across the UK will be better off under the new scale system, but as we know in London the landscape is very different and that is why we feel the Seminar will be well received.”

Revised Stamp duty, possible ‘Mansion Tax’ – Where next for the Housing Market?

Join us 23 March 2015, Double Tree Hilton, Ealing, W5 3HN, 5.30pm registration for 6pm start.

Presentation and question and answer session with:

Anthony Best, Partner, Prince Evans Solicitors

Angie Bray, serving MP for Ealing and Acton

Donald Collins, Sales Director, Go View London

Jeremy Teall, Partner, Prince Evans Solicitors

Please book your place with Louise by calling 07950 248 038 or email: louise@moderndaymarketing.co.uk as space is limited.  We look forward to seeing you there for what promises to be an informative and engaging evening.

 

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16th March 2015