LONDON - British Prime Minister Boris Johnson's Conservative Party plans to hit foreign buyers of homes in England with a new tax intended to cool prices and help locals get a foot on the housing ladder.
"That is why we are introducing a higher rate of stamp duty for non-UK residents that will help to address this issue." Home prices in London's most expensive districts have declined by 20.4 per cent since their peak in 2014, before the first stamp duty hike was announced, according to broker Savills.
"The system is creaking under the weight of existing taxes, and foreign buyers have slowed from a torrent to a trickle, so it's a mystery as to what the chancellor is so vexed about for him to need this additional tax," Abrahmsohn said in an emailed response to questions. A 2017 study by the London School of Economics found that investment from overseas buyers helped stimulate additional housing in the city.
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