Get ready for surge in Sipps purchasing commercial property

Jeremy Leaf, a former RICS chairman and north London estate agent, added: “As it stood, the 3 per cent stamp duty hike from April unfairly favoured larger investors at the expense of smaller landlords.

“In announcing that the new stamp duty rates on additional properties will apply to larger investors too, the chancellor has balanced it so it is not helping either group, but in doing so he is compromising the chances of improving supply.”

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Doug Crawford, chief executive of My Home Move, said the changes are a step in the right direction, but arrive too late in the day for many of our customers.

He said: “Some of our clients have faced a huge conundrum on whether to proceed with a purchase because they could not be certain of completing before the change.

“Being able to reclaim the tax is one thing, but many buyers are not in the position to proceed with a purchase at the higher rate in the first place.”