download

Buy-to-let landlords and people buying second homes will soon have to pay more in stamp duty, the chancellor has announced. George Osborne made the surprise announcement in his Autumn Statement, alongside a pledge to encourage a vast house-building programme and to extend the Help To Buy programme by a year to 2021.

From April 2016, those in England and Wales will have to pay a 3% surcharge on each stamp duty band and understandably there’s been an angry reaction from letting agents and landlords. George Osborne said the new surcharge would raise £1bn extra for the Treasury by 2021.

‘Whilst the increase in stamp duty might be good for first time buyers, it will eventually have a negative impact on buy to let investors and subsequently the rental market’, commented Jonathan Detheridge, Managing Director at Granger & Oaks. It's the second time landlords have been hit in six months, after Osborne scrapped relief on mortgage interest payments during his pre-election Budget. Landlords with higher mortgages and therefore particularly affected by the changes to tax relief announced in July (see Summer Budget and Landlord Tax Changes) are likely to be especially cautious going forwards, which may ultimately lead to a shortage of good quality properties. Put simply, fewer landlords will enter the market, there will be a lack of supply and rents will be likely to rise.’

Buy to Let investors considering expanding their portfolio’s and who wish to take advantage of the current stamp duty rates, can view all our current for sale listings here. Please do not hesitate to contact us on 0115 9629770 if you would like to arrange a closer inspection.

Free Instant Valuation

Want to know how much your home is worth? Find out in an instant...

Click here

Testimonials

  • Mark Thompson - Landlord & Vendor - May 2018

    Excellent - We cannot fault the service they have provided us.This review is for both Landlord services as well as Estate Agents.Granger and Oaks have provided us with an READ MORE

  • Martin Holtom - Tenant - June 2020

    Excellent service, nothing is too large or too small to help with. Only an email or phone call away come flood or Honey Bee nest. Friendly and helpful. Thoroughly READ MORE

  • James Steeley - Vendor - June 2019

    Excellent and courteous service for my house sale, from start to READ MORE

More

LATEST NEWS

  • We're Hiring!

    14/01/2021

    Would you like to work in the Property Industry? With a friendly and professional team? Do you have an eye for detail? Can you drive? If so, they would love to hear from you. The role will initially READ MORE

  • Moving Home in Lockdown

    11/01/2021

    With Covid-19 still rife, and the country in yet another period of lockdown, moving home is getting a little bit harder than it used to be.  Whilst Estate Agents are on the list of businesses READ MORE

  • Do you have property to let in Nottingham?

    14/10/2020

    To satisfy demand from prospective tenants Granger & Oaks are on the hunt for landlords with property to rent in Nottingham. After a hectic summer, we're now down to a choice of only two READ MORE

View all news