>Chancellor's Statement Sp...
Chancellor's Statement Sparks a Buy to Let StampedeThe Chancellor George Osborne surprised a lot of people in the property industry last week with some of his announcements in the Autumn Statement.The biggest shock was the sharp rise in stamp duty taxes for buy to let landlords and those buying second homes.This will make buying an investment property a lot more expensive.For example if you were buying a second home or a buy to let investment for £500,000 the stamp duty is changing from what is currently £15,000 to what from April 2016 will be £30,000.What it has done is to create a surge of interest in the short term from people who were sitting on the buy to let fence.I was flat out showing properties to people who want to invest in Forest Hill BEFORE the new duties come into play over the weekend.Several had been mulling over the idea of buying a property to let but the Chancellor has made up their minds to take action now.I think this is going to mean to a level of transactional activity not usually seen in the winter months.If people have a long term strategy to buying a buy to let then these extra taxes might be viewed as an inconvenience rather than something which scuppers any deal.On a more positive note the extra help for first time buyers and a promise to build more new homes is welcome. However, in an area as built up as Forest Hill, the big question is where is the space for new homes?It looks set to be a very busy and interesting few months for our local property market.If you have any property questions whatsoever please do not hesitate to contact me on 020 8699 5139 or send me an email at – ben@benjamin-matthews.co.ukThanks for reading,Ben, The Chancellor George Osborne surprised a lot of people in the property industry last week with some of his announcements in the Autumn Statement.