Stamp Duty Land Tax is fuelling Britain’s housing crisis, the global chief executive of JLL (formerly Jones Lang LaSalle) has said.
Christian Ulbrich said home buyers are “paying for nothing”.
He said the tax penalises buy-to-let investors and purchasers of second homes by imposing a 3% surcharge, while doing little to address lack of housing supply.
He said the surcharge has had a “very strong dampening impact on the market”.
The boss of the firm, whose brands include the London firm formerly known as WA Ellis, also said that the current system, whereby Stamp Duty jumps from 5% to 10% of a property’s value above £925,000, was “politically motivated”.
The Stamp Duty reforms were introduced by former Chancellor George Osborne.