Conveyancers report 'turbo-charged' increase in Buy-to-Let activity

Conveyancers report 'turbo-charged'  increase in Buy-to-Let activity

A new report by My Home Move, has found that activity within the Buy-to-Let and second-home market has increased by 46% since the proposed introduction of a Stamp Duty surcharge for additional home buyers.

In a poll also run by My Home Move, 99% of conveyancers questioned also reported an increase in clients wanting to complete their conveyancing before the 1st April deadline, to avoid the proposed additional 3% Stamp Duty levy.
 
Doug Crawford, CEO of My Home Move said: “Since the announcement by the Government in November that additional homes are expected to be subject to a 3% Stamp Duty levy, we have experienced nearly a 50% increase in business from people wanting to purchase a second home or Buy-to-Let property – fulfilling My Home Move’s prediction that the announcement would ‘turbo-charge’ the market for the first few months of the year.
 
Having to pay Stamp Duty has never been popular with home buyers, so it’s no surprise that many are keen to avoid additional charges by pushing for early completions. We know that a proportion of our clients are buying an additional property as a way of helping their children, as many can’t afford rising rents, let alone the cost of a property on their own. If the Stamp Duty changes come into force from 1st April as expected, then it seems unfair that the Bank of Mum and Dad will have to be raided yet again, in order to prop up the housing market and next generation of home movers.”


Alongside these findings, the company also reported a surge in enquiries from people looking to purchase additional properties as a registered company, to avoid the Stamp Duty levy altogether.  
 
The details relating to additional Stamp Duty charges for additional home owners will be announced during the 2016 Budget (16th March) and is expected to become law on 1st April. The original announcement was made by the Chancellor during the Autumn statement in November 2015, from which followed a period of public consultation.

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luxus
luxus 27 Sep 2016

It can be stressful. More clarity is needed on the process, from a customer perspective and consideration should be given to using the Scandinavian model where the sales process is much quicker.

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Melissa_Green 26 Sep 2016

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Jimmy_McCoy 16 Sep 2016

I think that the main reason to buy garden purchases in last minute is because people always search for the best deal. In summer months there are abundance of seasonal goods and it means more low cost

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Jimmy_McCoy
Jimmy_McCoy 16 Sep 2016

Buying a home often is more expensive than you expect. There are lots of hidden costs such as: stamp duty, surveys and valuations, mortgages etc. that can add more than 10% to the total bill

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Homebuyerconveyancing 15 Sep 2016

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oliviaG 29 Aug 2016

So true about cats!

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Jason Roberts
Jason Roberts 25 Aug 2016

Any predictions what average rent will be at the same time next year, anymore drops coming?

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dylanvan
dylanvan 19 Aug 2016

very good, thanks for sharing

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Firstly, I either lodge with DPS or do not take a deposit...secondly, If a tenant has not received a confirmation their deposit is secured with either a scheme or in an insured account with an agent/landlord,...

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Belvoir has over 15 years of experience in property lettings, buying and renting and is one of the best agencies I know about. I have heard that they revived an award for the hard work. Really amazing...

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Usually these areas are least affected when it comes to unexpected economical collapse.

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