Speculation over property taxes includes a tax on the sale of homes priced over 500,000 and removal of the capital gains tax exemption on primary residences above 1.5m. Zoopla warns that changes to taxation of homes over 500,000 may prompt buyers to adopt a wait-and-see approach. Around a third of homes for sale are priced above 500,000, with London and the south‑east most affected. Zoopla's snapshot showed sales agreed were up 5% year‑on‑year in July and average prices rose 1.3%. Ten percent of listings had reduced prices, and reduced properties typically remain on the market much longer. Estate agents caution that pricing mistakes lengthen time to sale and rumours of new taxes can hurt market activity.
Speculation that the chancellor could announce new property taxes in her autumn budget is likely to slow down an already price-sensitive housing market, estate agents have said. Rachel Reeves is reportedly considering a tax on the sale of homes over 500,000 and the removal of the capital gains tax exemption on primary residences above 1.5m as ways to boost income for the government.
The property website Zoopla said changes to the taxation of homes over 500,000 may make some buyers consider a wait-and-see strategy. This covers those who may possibly save money on purchases under 500,000 and concern those buying over this level as well. It said a third of homes for sale were priced at more than 500,000, with London and the south-east of England in line to be most affected by a change.
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