Insurance News Archive

Property insurance: Return of stamp duty 'will hit sellers'

Written by Judith Stevenson

The end of the stamp duty holiday could discourage vendors from listing accommodation on the market, according to an expert, whose comments may interest property insurance policyholders.

David Amstell, founder of Briffy.com, said that sellers are likely to have to incur the extra expense - which will amount to around £1,000 - when stamp duty returns.

Currently, the rate stands at zero per cent for properties purchased up to £175,000 and one per cent on those between £175,000 and £250,000, but this will change on December 31st.

"I expect that the market will have to adjust itself and the vendors will have to suffer some of that increased cost and just accept [it]," he commented.

Mr Amstell added that only those with property insurance who have put accommodation on the market at reasonable price have managed to sell it, so the extra stamp duty cost will have to be absorbed into the asking price.

11 Sep 2009