To escape a surprise increase in stamp duty from 1st April 2016, understandably many buyers are keen to purchase property before this deadline. This has inevitably led to rapid growth in house prices for specific property. As these properties must complete before April, this means they must go on the market immediately to benefit from this increase in value.
We are finding that properties are under offer within days, with buyers on our unique database queuing to buy the right property before this deadline.
The changes in rates means that with a £275,000 property, for example, an investor or those looking to purchase a second home, will currently pay £3750 stamp duty, but from April that will rise to £12,000 – so vendors and buyers could benefit massively from acting swiftly.
From April onwards, the market may benefit First Time Buyers, due to a more complicated two-tier system with the more experienced investors reducing their offers, as they factor in not just stamp duty, but also the previously announced tax changes and ever-increasing legislation involved in managing property.
The best time for you to sell will depend on your type of property, and your own personal situation. We are a local family agency, who genuinely believes in helping our neighbours!
Please call us on 01293 270042 or 01342 715775 for further information, and honest, independent advice. A member of our family will be happy to help.