Well surprise surprise! Having to pay more tax is stopping people from wanting to buy properties. Everyone I speak to lately is saying things have slowed down since January. Watch out for the effect of increased tax on buy to let from April.
Revenues generated from stamp duty in London fell by £105 million in the first ten months of last year, as George Osborne’s reform of the tax led to a slowdown in transactions for the most expensive homes in the capital. Nationwide, the stamp duty tax collected between January and October 2015 was down by 12.1 per cent compared with the same period a year previously, leading to a £620 million fall for England and Wales.