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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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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NathanGreen
NathanGreen 07 Jun 2016

I agree with #6 - you should maintain your garden according to the target buyer. One thing is universal, though - cleanliness and order. Having the yard clutter-free and clean will help people who do enjoy...

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NathanGreen
NathanGreen 06 Jun 2016

I will always say that London is overrated. Sure it is the capital, but it's too stuffed in there. It's more of a business city to me.

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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