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The current system of stamp duty means a purchaser buying a £1.5 million apartment in Mayfair would have to pay more than £138,000, including a three per cent stamp duty surcharge on buy-to-let properties. However, by spreading the same investment on about six cheaper flats of £250,000 each, the bill is reduced to £60,000 — a saving of £78,000. Link.
One of the unforeseen consequences of the falling pound has meant UK first time buyers can't compete with overseas investors who are now buying up cheaper properties in and around London.
A range of articles on this issue:
Brexit sparks overseas spending spree in London property - BBC News
London housing: Foreign investors buy up flats in suburbs after stamp duty hike | London Evening Standard
London property prices are falling because of Brexit | The Independent
I don't have a problem with overseas investment but first time and many UK based buyers looking for homes rather than investments are waiting to buy while there is economic uncertainty however cash rich overseas investors can take advantage of the stamp duty changes designed to help first time buyers.
Crazy, what solution do you think we should have?