Buy-to-let landlords and people buying second homes will soon have to pay more in stamp duty, the chancellor has announced. From April 2016, those in England and Wales will have to pay a 3% surcharge on each stamp duty band.
George Osborne said the new surcharge would raise £1bn extra for the Treasury by 2021. Landlords reacted angrily to the change, saying it would "choke off" investment in rented properties.
David Kirby, Director at David Lee commented "This will have an instant impact on investment purchases as landlords will expect the purchase price to reflect the increase in stamp duty costs. This may lead to first time buyers getting a better chance in the battle to buy!"
Bishop's Stortford: 4 High Street, Bishops Stortford, Herts. CM23 2LT• Sales & Lettings: 01279 657 666
Stansted Mountfitchet: 33 Cambridge Road, Stansted, Essex. CM24 8BX• Sales & Lettings: 01279 815 511
Great Dunmow: 34 High Street, Great Dunmow, Essex. CM6 1AH• Sales & Lettings: 01371 874415
© 2017 David Lee Estates Limited Company Registered No. 5147913 Registered Office 50 St.Mary’s Crescent, London, NW4 4LH. Registered in England. All rights reserved. Powered by