Official: Stamp duty hike causes 40% reduction in property sales

Posted: 3/6/2017

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The number of UK residential property transactions dropped by 40% annually in March 2017, skewed by last year’s Stamp Duty rush.

HMRC’s UK property transaction statistics for March this year showed 102,740 sales during the month, compared with 173,860 for the same month last year.

March last year was characterised by a stampede to complete purchases before Stamp Duty on the purchase of second or more properties was hiked by 3% on April 1.

This year’s March figure was still up 20% on a monthly basis from February and 12% more than in March two years ago when there were 91,490 transactions.

But most investors have now factored the 3% stamp duty into their buying plans and so life goes on. Property is still a pretty good investment if you choose the right one. Call or email us if you are interested in buying advice, lettings or management.

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