Stamp Duty changes
By Sara Ransom of Stacks Property Search
Buy-to-let investors competing with first-time buyers creates a
‘mini-bubble’ in the London property market
Sealed bids are back and cash is king as buyers attempt to close deals
before the April 1 deadline when stamp duty for buy-to-let homes is
scheduled to increase. London’s beleaguered first-time buyers are facing a
fresh challenge: an onslaught of investors swooping on property in a rush to
beat an increase in stamp duty for buy-to-let homes scheduled for April 1.
Sealed bids are back and cash is king if you want to close the deal.
The unforeseen impact has been what buying agent Sara Ransom, director of
Stacks Property Search, described as a “mini bubble” as investors rush to
buy property before the deadline, hiking prices and increasing competition
for first-time buyers already struggling with tough mortgage conditions and
high deposit demands.
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