Estate agents in Jersey are urging the government to consider a holiday on the stamp duty surcharge. This call comes in response to a proposed short-term reduction from 3% to 2% in the latest budget.
Current Stamp Duty Surcharge Situation
Introduced in January 2023, the 3% surcharge applies to buyers who purchase homes not intended for personal occupation. This measure aimed to decrease excessive demand in the housing market. Recent data from Statistics Jersey indicates a slowdown in this market.
Industry Calls for Change
The Jersey Estate Agents Association and Ashbe Construction are advocating for a complete suspension of the surcharge for at least six months. They argue that doing so would provide a necessary boost to the economy.
Minister’s Position
Despite the push from the real estate sector, Housing Minister Sam Mézec is maintaining a different focus. He emphasizes prioritizing first-time homebuyers over broader tax relief for all buyers.
- Current Surcharge: 3% on non-primary residences
- Proposed Reduction: Decrease to 2%
- Surcharge Introduced: January 2023
- Primary Concern: Prioritizing first-time buyers
- Call for Suspension: At least six months
The debate over the Jersey stamp duty surcharge continues as various stakeholders weigh the potential impacts on the local economy and housing market. As discussions progress, the focus remains on how best to support both buyers and the broader economic landscape.
