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.”

Join our mailing list:

Leave a comment



Latest Comments

SecomTech
SecomTech 19 Aug 2016

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,...

view article
jasonevans
jasonevans 19 Aug 2016

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...

view article
jasonevans
jasonevans 19 Aug 2016

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

view article
TheWaspNestRemover
TheWaspNestRemover 11 Aug 2016

You agree to pay for the treatment needed to get rid of fleas, ants, mice, wasps nests and other pests unless you can prove that these are a result of us not meeting our repairing responsibilities or these...

view article
madisonwelch80
madisonwelch80 02 Aug 2016

16% is quite a raise. Let's hope this tendency won't continue for long.

view article
madisonwelch80
madisonwelch80 02 Aug 2016

?66,963 is a serious price drop However buying a property it a serious investment only small percentage of the UK population could afford.

view article
madisonwelch80
madisonwelch80 02 Aug 2016

Wow, it kind of surprised me. I mean counting on mom and dad's bank even after retirement is too much. That's the moment in life when one should have ensured themselves. I am shocked.

view article
AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

view article
AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

view article
CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

view article
Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

view article
property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

view article

Related stories

More articles from Property

Specialist Lending Roadshow 2016

20th-23rd September

4 days
6 specialists
4 locations
Free to attend

Click here to register now