STAMP duty payable on the purchase of second homes could be axed next year, if States Members agree.
At the start of 2023, the government introduced a 3% rise in stamp duty payable on the purchase of homes that were not going to be the buyer’s primary residence.
In the 2026, minister have proposed reducing the rate to 2%.
However, in a Budget amendment, Deputy David Warr, a former Housing Minister, is calling stamp duty on second properties to be cut completely for 2026.
This, he said, would reduce expected intake for the government by £1.3 million next year.
He said: “Removing the 3% surcharge would reduce transaction costs, which has the potential to encourage more property purchases therefore boosting overall market liquidity.
“Increased transactions benefit not only the housing market but also ancillary sectors,
such as construction and retail.
“Abolishing the surcharge would signal support for private landlords, encouraging investment in rental properties and enhancing housing availability. This, in turn, would help to stabilize rental prices and improve affordability for tenants.
“Addressing housing market challenges requires a comprehensive, balanced approach.
Policies that disproportionately target private landlords risk undermining housing
availability and affordability. By removing the surcharge, Jersey can create a more
dynamic, accessible housing market that benefits all Islanders.”
