autumn statement 2015

The complete lowdown from the Autumn Statement 2015…
Much like the budget announcement in July, landlords across the country will again be worried about the impacts of today’s autumn statement by George Osbourne.

In an effort to control the booming buy-to-let market, Mr Osbourne has announced that he plans to increase the stamp duty by 3% for people buying properties as investment buy to let. He says he plans to reinvest this tax back into local communities.

Autumn Statement 2015 – What does the new stamp duty actually mean?

Standard Stamp Duty Rates:

  • Property up to £125,000 Zero
  • The next £125,000 (the portion from £125,001 to £250,000) 2%
  • The next £675,000 (the portion from £250,001 to £925,000) 5%
  • The next £575,000 (the portion from £925,001 to £1.5 million) 10%
  • The remaining amount (the portion above £1.5 million) 12%

New Proposed Buy-To-Let Stamp Duty Rates:

  • Property up to £125,000 Zero
  • The next £125,000 (the portion from £125,001 to £250,000) 5%
  • The next £675,000 (the portion from £250,001 to £925,000) 8%
  • The next £575,000 (the portion from £925,001 to £1.5 million) 13%
  • The remaining amount (the portion above £1.5 million) 15%

Danny Luke - Quick Move Now

Danny Luke, Managing Director for Quick Move Now comments;

In light of today’s announcement, I envisage seeing a slowdown in the booming buy-to-let market, especially in the South of the country where house prices are a lot higher than the North.

This change should enable more occupier owned house purchases and help to drive down the current trends of foreign investors in big cities like London.

With more and more people struggling to a get a foot on the property ladder and more and more investment properties being snapped up, Mr Osbourne stated he plans to do much more than in the past to recover the current property market. Here are a few of the plans announced in today’s statement:

  • Housing budget to be doubled, to £2bn a year. This will fund 400,000 new affordable homes by the end of the decade – affordable to buy, not just to rent.
  • Help to Buy shared ownership will relax the rules around shared ownership, ensuring more people can take advantage.
  • From tonight the tenants of five housing associations will be able to exercise their right to buy.
  • London Help to Buy will allow people in the capital to get a loan to help buy a home.
This content was written by Quick Move Now
Published on 25th November 2015
Last updated on 3rd September 2018

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