The drop was from £12.9 billion in 2017/18 to £11.9 billion in 2018/19.
The fall in revenue can be attributed to less sales volumes in recent years and major changes to the buy to let market. Landlords and would-be landlords have been severly impacted through higher taxation and changes to buy to let mortgages.
Donald Collins, Sales Director, comments on the news in our latest newsletter:
“Back in 2016, George Osborne tinkered with a system that was delivering in an attempt to drive even greater revenue out of the buy to let market. The changes have had a complete reverse effect and if it wasn’t for the easy excuse of ‘brexit’ and whatever that means his work would surely go down as one of the worst governmental financial interventions in recent history."
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