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COVID-19 caused the residential market to pause following a spring bounce. As we exit lockdown we are seeing the strong pre-COVID market return. We are here to help so please call us if you are thinking about buying or selling or require expert property advice.
Stay safe, keep well and stay in touch.
COVID-19 caused the residential market to pause following a spring bounce. As we exit lockdown we are seeing the strong pre-COVID market return. We are here to help so please call us if you are thinking about buying or selling or require expert property advice.
Stay safe, keep well and stay in touch.
Stamp Duty Surcharge
Chancellor George Osborne announced on Wednesday that buy-to-let and second home properties will be subject to an additional 3% stamp duty from next April.
The higher rates will not apply to purchases of caravans, mobile homes or houseboats, or to corporate entities or funds making significant investments in residential property. The government will consult on the policy detail, including on whether an exemption for corporate entities and funds owning more than 15 residential properties is appropriate.
|
Value of second property/buy to let (£) |
Current SDLT (£) |
SDLT from 1 April 2016 (£) |
Increase in tax (£) |
|
150,000 |
500 |
5,000 |
4,500 |
|
250,000 |
2,500 |
10,000 |
7,500 |
|
350,000 |
7,500 |
18,000 |
10,500 |
|
450,000 |
12,500 |
26,000 |
13,500 |
Existing and would-be landlords are set to go on a buy to let buying spree, snapping up homes before the three per cent stamp duty surcharge kicks in next April - but then the rot may set in and demand may plummet.
Lettings Negotiator
