Estate agency senior slams Scottish stamp duty changes

David Alexander is highly critical of SNP deputy John Swinney's decision to raise duty for landlords.

swinney stamp duty

A leading estate agency and proptech figure has slammed the Scottish government’s decision last week to increase stamp duty for landlords and second home owners, and its failure to follow Kwasi Kwarteng’s stamp duty rate reductions.

David Alexander (pictured, left), CEO Of estate agency DJ Alexander, has made the comments following Scottish Deputy First Minister John Swinney’s (main image) Budget statement on Thursday.

It revealed that existing stamp duty rates would remain unchanged but that stamp duty for landlords and second home owners would rise immediately from 4% to 6%.

Alexander says the result of this is that this will make homes considerably more expensive for first time buyers, those buying for more than £325,001, and those seeking to invest in property or to buy a second home.

“Indeed, the additional dwelling supplement is to be increased from 4% to 6% to act as a further disincentive to landlords, property investors, second homeowners,” he says.

No evidence

“In October £19.3m was raised through the additional dwelling supplement which was a quarter of all revenue raised.

“The policy of targeting the private rented sector continues yet there is no evidence that the Scottish Government has any plan in place on how to replace the 340,000 properties and the 700,000 tenants who live in these homes.

“While this is undoubtedly a calculated policy to impose punitive financial penalties on the middle- income earners who want to live and work in Scotland it also will have a negative impact on the housing market.”

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