A property investment fund has called on the next government to exempt buyers of new build properties from the 3 per cent additional stamp duty charge.
The proposal forms part of a five-point plan put forward by London Central Portfolio (LCP) to counteract a steep decline in new build sales and an anticipated 250,000 shortfall of homes promised by 2020.
According to LCP, successive increases in residential taxes over the past five years have led to a 41 per cent drop in new build sales in the capital.
The organisation claimed that, with average prices starting at substantially more than the UK average, clamping down on the sales of expensive new builds will not provide more housing for aspiring homeowners.