3 November 2021
The The Treasury is set to make an extra £3.3bn from property taxes in the new financial year compared to 2019/20, according to analysis of the latest forecasts by the Office for Budget Responsibility.
Residential property transactions in 2022/23 are set to be 9% higher than pre-pandemic levels.
The OBR’s economic and fiscal outlook, which was published following last week’s Budget, predicts that property transactions will be 1.29 million in 2022, higher than the 1.18 million for 2019.
The OBR also forecasts £15.8bn will be paid in property taxes in 2022/23, up from £12.5bn in 2019/20.
Coventry Building Society head of intermediary relationships Jonathan Stinton says: “This is a triple-whammy for the Chancellor.