UK property investors back stamp duty surcharge for overseas buyers

Some 70% of property investors support the Conservatives’ proposal to introduce a stamp duty surcharge for non-UK buyers, research from  FJP Investment has found.

The Tories have proposed introducing a 3% stamp duty surcharge for foreign buyers.

The majority (68%) also back the move to give residents more say in the style of new-builds in their local area.

Despite this positivity, 61% expect the government to miss its target of building one million new homes by 2025, while 43% do not think the new Tory government will bring stability to the UK economy.

Jamie Johnson, chief executive of FJP Investment, said: “The December 2019 General Election might have been dominated by Brexit, but the Conservatives also promised many potential reforms during the campaign.

“Our research shows that when it comes to the property market, the majority of UK investors are in favour of their key policy ideas, including a stamp duty surcharge for overseas buyers and giving local residents greater say in new-build developments in their area.

“However, the question now is whether Boris Johnson and his team can deliver on their promises. And at present, a great many property investors in the UK doubt that they can – particularly when it comes to getting Brexit done, building more new homes and stabilising the economy.

“Evidently, in these opening weeks of 2020, the Government must instil greater confidence and start to act on its campaign promises.”

Of the other election promises, 60% support banning the sale of new homes as leaseholds, 59% would be happy to see income tax rates frozen for the next five years, and just over half (54%) are in favour of not raising capital gains tax between now and 2025.