Residential developers such as the Berkeley Croup are "struggling" to shift homes worth £2m-£5m because of the 7% hike imposed by the government in March's budget. Berkeley chairman Tony Pidgley said last Friday that the government was at risk of scaring off wealthy overseas investors if it kept "tinkering around the edges" with tax changes. Pidgley said Berkeley was "struggling" in the £2m-£5m bracket, and sales were down by 30%. He claimed the chancellor would raise less, not more money, because of the stamp duty changes.
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