Summer Budget reaction
Nicholas Leeming - BWA new downsizing market will emerge as a result of the inheritance tax reforms, according to leading property expert Nicholas Leeming, chairman of national estate agents Jackson-Stops & Staff. He said: “The changes in inheritance tax are a step towards encouraging older home owners to downsize and so free up larger properties for families who need more space.” Nicholas Leeming also highlighted that changes in buy to let tax relief will hit many small and older private investors. He said: “This a major blow to a sector that is heavily reliant on private investors and who provide a crucial supply of property to the private rental sector.” On the move to abolish permanent non-dom status, he commented: “It is vital that the capital retains its attraction to non doms. The stricter rules being applied to non doms, while having some merit, will inevitably further dampen demand from international buyers in central London where the market for higher valued properties has already slowed sharply following last year’s changes in stamp duty. This will affect the London economy, impacting restaurants, clubs and retail in prime central London.”