The election promise is said to be an effort to reduce prices for first-time buyers and lower earners.
A 3% tax is being promised on foreign purchases of property in England if the Conservative Party win the election next month.Higher levels of "stamp duty" are already applied on second home and buy-to-let purchases.
The party has revealed its policy of a 3% surcharge to non-U.K. tax residents as part of a bid to take some of the steam out of the property market.that claimed more than one in 10 new London homes were bought by non-residents from 2014 to 2016. As an example, overseas buyers would need to find an extra £50,000 to afford the average house price in London's Notting Hill, which currently sits in excess of £1.6 million, according to property website portal Zoopla.
The party, which currently enjoys a healthy lead in the polls, claims it will help people get on the housing ladder by removing some foreign competition in the property market.Companies and individuals will both be affected but the charge only applies to properties in England rather than the wider United Kingdom.The Conservatives have already outlined how they would use policy to encourage private housebuilders to build more homes.
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