George Osbourne made it clear in his recent budget announcement that stabilising the booming buy-to-let market is a priority in opening up opportunities available to first time buyers.
Back in November we heard the Chancellor of the Exchequer announce that he was planning a new, higher rate of stamp duty rate for people buying homes as an investment. This was planned to be an additional 3% higher than the normal stamp duty payable on a residential property.
Since those announcements the property market has seen a sudden surge from investors, however, many experts are now predicting a slowdown in the property market which should make it a little easier for first time buyers to enter the market.
Disappointingly, there didn’t seem to be any major initiatives or commitments to develop new housing in the UK as insinuated in the autumn announcements.
Danny Luke, Business Manager for Quick Move Now said;
As with any budget, there are some positive and negative outcomes. Some will be left feeling outraged, especially investors, whose business model revolves around the buy-to-let market. Others will welcome the tax relief from capital gains. However with an 8 percent surcharge to be paid on residential property, it looks like people will not only be penalised for buying but also selling!
NEED TO SELL A FORMER BUY TO LET PROPERTY?
With the capital gains tax changes not coming into effect until 2017, investors still have the opportunity to release any monies tied into their rental properties if they are worried.
If you’re a landlord looking to sell your rented property quickly, sell to Quick Move Now, the UK’s largest and original house buyer to clear the mortgage and release the capital.
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