BUDGET 16: Osborne Ignores Pleas About Stamp Duty

Posted: 16/3/2016


No suprise, George Osborne ignored industry pleas not to try and tax out providers of private rental accommodation (commonly known as landlords) and has went ahead with his tax on second properties.

So what will it actually mean for investors?

Well in Northern Ireland, much of the best returning property is under the normal threshold of £125,000. The 2 up 2 down at around £75,000 is a favourite with landlords.
Whereas there was previously no stamp duty, buyers will now have to pay 3% from 1st April, that's £2250.

That's more than most estate agent's fees and solicitors fees, and for landlords needing finance it is yet more cash to fork out.

Will it affect house prices?

We think it will and we think we could see this year's expected rise of around 6% cut to maybe 3%- or possibly less.

It's not just landlords offering less, it's the landlords who won't buy, which affects the whole market. We have already seen that a shortage of private rented housing may be helping to push rents up, so George, looks like you are going to make renting more expensive for tenants.

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