Whether you voted for Boris Johnson or not he is now the current prime minister of the United Kingdom. Boris Johnson has boldly stated that we will be leaving the European Union on the 31st of October regardless of a deal, in a “do or die” strategy.

Boris Johnson has implied that stamp duty could be a potential area to reform. Early in his campaign he talked about cutting out stamp duty for purchases below the £500,000 and reducing the 12% charged on top end purchases above £1.5m to 7%. This could in fact encourage people to purchase homes.

Another claim from Boris Johnson was to reform the whole idea of stamp duty and transfer liability from the buyer to the seller.  This means that stamp duty is to be paid on the sale of the property. This only impacts residential homes and not homes used for investment purposes.  This might even lead to an increase in property prices as there will be a shortage of sellers.  Increase in property prices can even be due to home owners trying to cover the shortage that will be caused by the stamp duty tax that they are liable for.

There has been no mention of whether Boris Johnson will continue with the help to buy scheme which will be restricted from 2021 and is pencilled in to end in 2023. Whether or not he will continue with the scheme or produce another scheme will be revealed later on.

However in this current state with Brexit on the loom, call us to find out how we can prepare you at Rosebank Mortgage Brokers on 0207 096 0039.