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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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

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brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

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IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

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IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

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cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

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