Friday, June 8, 2012
Michael Luck, Managing Director of Slater Hogg & Howison, part of Countrywide, the UK's largest estate agency and property services group, comments on the Scottish Government's announcement of its plans to change the current Stamp Duty taxation system fromApril 2015:
"Overall, we welcome the fact that the Scottish Government is considering different initiatives to boost the Scottish property market and we are encouraged by the proposed measures to assist first-time buyers. Currently, the main issues faced by first-time buyers are the barriers of deposit affordability and mortgage availability, therefore the proposed plans to alleviate the cost of getting on to the ladder will assist these buyers.
"We would however advise against any significant increases in taxes for those properties over such a low threshold of £325,000 and we urge the Scottish Government to carefully consider what impact higher taxes would have upon the Scottish housing market as a whole should they progress with their plans."
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