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!"
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