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The tax is a small fraction of the deposit required which makes up most of the 'upfront' costs of house buying and so this change will have little impact, with the impact it does have confined to the absurdly overheated property market in the SE and London in particular.

When will we learn that stoking demand is not the solution here (it will only lead to higher prices) but rather an increased supply and a crackdown on the corrupt investment of dubious funds, including no doubt money laundering, in the UK market.