Post stamp duty property sales crash

Posted: 4/9/2016

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The consequences of the Stamp Duty surcharge on April 1 have been laid bare in the latest ONS/Land Registry house price index.

The latest report for June reveals housing transactions for April – the most up to date month for which data is available.

It shows just how sharp a drop followed the rush to beat the April 1 Stamp Duty deadline.

Former Chancellor George Osborne introduced the 3% hike on purchases of all second homes, including buy-to-let properties.

Sales volumes in the UK dipped from 124,295 in March 2016 to 56,076 in April.

But don't panic! This was all to be expected as buyers, particularly landlords, rushed to complete before the hike. Six months of lower sales figures were predicted from April 2016 onwards. That of course was without the Brexit effect, but some early indications are that sales are returning to normal despite this.

If you are considering a Buy-To-Let we are happy to provide you with free advice, plus, once you have selected your property we also offer special Buy-To-Let viability reports.

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