Estate agents predict sales surge ahead of stamp duty rise

Estate agents predict sales surge ahead of stamp duty rise

Midland estate agents are predicting a surge in Spring-time sales in the buy-to-let market ahead of changes to the levels of stamp duty.

The move, announced by Chancellor George Osborne in the government’s Autumn Statement, together with reductions in tax relief for landlords, is expected to raise an extra £1bn for the Treasury by 2021. But it has been heavily criticised by landlords.

According to Midland estate agents, it will slow the buy-to-let market down - but may be good news for first-time buyers.

Oliver Knight, a Director of Situ Homes, said:

“In 2015, landlords accounted for one in four property sales. After April, we expect this to reduce significantly, perhaps paving the way for more first time buyers to secure a home.”


The group’s Chairman, John Ozwell, said:

“We are expecting a flurry of investors buying property to let before April because of the changes introduced by the Chancellor in the autumn statement. It will be a busy start to the New Year for the property market across the region.

“We expect sales and listings to be running at the same level which we have experienced since last summer, or perhaps slightly up on that.

“2015 was a good year for the Midland market. In 2016, property prices are expected to keep rising, by approximately 4% to 5%. There will continue to be shortage of stocks throughout the UK, particularly properties for first-time buyers, making the market even more competitive and driving up sales and prices.

“With interest rates forecast to stay low throughout the year - possibly just seeing a small rise - banks and building societies will have even better deals available, again strengthening the market here in the Midlands.”

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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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