move on sales

Diary of Award Winning Sales and Letting Agent

2016 will, in my humble opinion, be a year to remember . Will it be the death of buy to lets, will it be the year house prices dropped, will it be the year of the least transactions of properties being sold or will it be the year house prices rose significantly?

The conflicting reports on a daily basis, is enough for most people to almost tun off and say ‘talk to me in a couple of months once the dust has settled’.

The budget has caused a whirl of activity within the buy to let (BTL) sector of investors purchasing like mad before the stamp duty rise of 3% from April, this had caused many conveyancing solicitors to be working well into the night up to the deadline. This has certainly been a productive couple of months in our sales department. Although it should be noted, the stamp duty can be claimed back as a tax deduction when you sell the property.

I am being asked if you sell your main residence and purchase another main residence but own other property, will you be liable for the extra 3% stamp duty, so I thought this graph from the government website would help:

To view graph click here

The Bank of England are currently discussing the extra conditions for BTL mortgages, which could put another squeeze on the property sector, we have seen MMR (mortgage market review) have a significant impact on the normal residential sales market. One of these stress level tests is assuming a rate of 5.5% for mortgage payments. BTL mortgages are expecting a 20% increase over the next 2 years in mortgage applications, however, they are also anticipating a decuction of 10-20% for these being passed.

Sharon

If you would like a friendly, no obligation chat regarding any property matter, then please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or telephone 01202 711169.  Don’t forget to tune into the Business Show on Hope FM 90.1 and listen to Sharon produce and present two hours of live and up to date property industry news on the first Wednesday of each month.

 

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