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Stamp Duty: Interesting repercussion of the news of the new stamp duty reforms
For the last few years the market below £2m has been by far and away the most active in Prime Central London. During 2014 in particular, due to the ‘threat’ and coverage given to mansion tax, investors often looking to buy a number of units and invest many millions in London have aimed at picking up properties in the £1-2m bracket. These properties allowed them to save a considerable amount of money when they purchased, as they were charged 5% for stamp duty as opposed to 7%