New calls for Chancellor to reform stamp duty

A couple of months ago, hopes had been high that now the threat of a mansion tax had lifted, there would be a revival in fortunes for the capital’s top-end properties.

But fears over stamp duty are still serving to stifle the market.

Last year sales of homes worth more than £1million had risen by more than 25 per cent, but the number of transactions is likely to be greatly reduced in 2015.

The main reason is that Chancellor George Osborne has scrapped the old ‘slab’ structure and introduced a series of other changes. This shake-up has benefited many more modest homes, but has increased the burden on the most expensive properties.

Mr Osborne had been pressed to revisit stamp duty in the Budget last month, but resisted the calls to do so.

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