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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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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