Half a billion lost in stamp duty revenue since 2024 Budget
Summary
Knight Frank estimates that changes announced in the 30 October 2024 Budget have reduced stamp duty receipts on UK property sales above £5 million by £541 million over the following 18 months. The article links the fall in transactions to higher second-home surcharge rates and wider tax changes affecting overseas buyers and wealthy investors.
Why it matters
High-value market activity can influence comparable evidence, transaction volumes and valuation assumptions in prime residential areas. Surveyors working in these segments should be aware of the tax-driven shift in demand and any further Budget measures affecting overseas capital.
Key points
- Estimated £541 million net loss in stamp duty revenue on £5 million-plus sales
- Sales above £5 million in England fell 14% after the Budget period change
- Higher second-home surcharge increased revenue, but not enough to offset lower transaction volumes
- Further policy speculation includes a possible visa/investment route for overseas buyers
- The article focuses on prime residential transactions and investor demand
Organisations:
Knight Frank, Land Registry, LonRes, FIFB
Regulations:
stamp duty, second-home stamp duty surcharge, non-dom regime
Locations:
England, UK
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