(London) What are people's reactions to Burnham's plans on property taxes?
Hi everyone,
My wife and I are currently renting but recently started viewing properties to buy in West London.
However, seeing the news about Burnham's plans has us a bit hesitant on whether we should continue viewing homes or pause until we know what is actually happening.
Our main concerns are:
Buying something this year and paying full stamp duty while it could be abolished in a couple of years.
Buying our dream home in the top end of our budget only to be hit by high taxes later on and not being able to afford the property anymore.
I'm keen on hearing people's opinions on this, both from buyers and sellers perspectives.
Thanks!
Edit:
I realise I quoted "the news" without providing any sources. So here's a couple recent ones I found:
https://hoa.org.uk/news/andy-burnhams-potential-policies/
In short, my understanding of this is that:
- Council tax will be a removed and replaced with a yearly tax of 0.48% of the property value (or 0.96% for second homes and empty homes).
- SDLT will be removed and replaced with a yearly land tax, though no numbers are provided.
Also, thanks everyone for putting things into perspective: there are many possibilities of how this can go that it might not be worth putting our lives on hold for what may happen.