Kirsty Allsopp States Market Is “Dead”

TV presenter and property commentator Kirstie Allsopp has warned that rumours of new property taxes have left the UK housing market “dead”, with buyers holding back ahead of the Budget.

The Location, Location, Location co-host said she had “never seen the market like this before,” blaming speculation over potential tax rises for freezing activity. “The market has stopped. It’s dead… Nobody is moving. Everyone is waiting,” she said, accusing the Chancellor, Rachel Reeves, of “flying a whole load of kites” that created “paralysis.”

Allsopp singled out a mooted levy on vendors of homes worth more than £500,000 – since denied by government – as particularly damaging. “£500,000 doesn’t make you rich. Why would you bother investing in your home and moving if you are going to be punished for it?” she said.

She also criticised existing “transaction taxes,” pointing to stamp duty as a key deterrent. “If an ordinary family wants to upsize and buy their next home for £650,000, they’ll have to pay more than £20,000 in stamp duty. So why would they?”

Allsopp flagged up some other issues, including the time it now takes to complete a sale – around 115 days on average, up 25% in four years – and the impact of higher second-home stamp duty on “divorcing families or people who work and live in different places.”

Turning to leasehold reform, she urged government to proceed with caution despite acknowledging widespread malpractice by some freeholders. The Leasehold and Freehold Reform Act of 2024 “does not help the almost five million people who already own leasehold homes,” she said, arguing that “responsible freeholders” play an essential role in managing complex blocks.

Allsopp called for better information flow during transactions, insisting that solicitors, not agents, must be forced to improve disclosure. Fear-mongering around leasehold, she added, is trapping owners: “People are being trapped in their properties by this ‘never buy leasehold’ attitude.”

Location, Location, Location celebrated a quarter of a century on Channel 4 this spring.