Tag Archives: stamp duty

Property sales rose in March

May 1, 2012

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March 2012 saw a rise in property sales which HM Revenue And Customs have called a ‘typical spring bounce’.

February saw 63,000 sales and March sales rose to 74,000. This also shows that many buyers were taking advantage of the stamp duty deduction.

The stamp duty deduction may also be why mortgage lending rose in March, unfortunately the stamp duty is back in place so from now on many lenders and estate agents may see a drop in numbers.

Property sales and lending are still nowhere near what they were in March 2007 when the UK saw a property boom.*

 

*Source BBC News

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New buy scheme takes over the stamp duty holiday

March 26, 2012

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The stamp duty holiday for first-time buyers has now ended so they will now join in with others and pay 1% tax on properties worth more than £150,000

The BBC have reported saying that the Government have changed back to the original 1% tax for first-time buyers because the holiday had been ineffective in helping people to buy.

The Government now think that the new buy scheme will get Britain’s first time buyers onto the property ladder.

When the stamp duty holiday was introduced back in 2010 it made savings of up to £2,500 for first-time buyers for homes worth up to £250,000.

In the new budget the Government announced a 7% rate on homes over £2m and they want to stop stamp duty avoidance for property buyers at the higher end of the market.

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Hidden costs you shouldn’t miss!

November 16, 2011

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Hidden costs should be looked into when landlords come to invest in a property. This has mainly been aimed at landlords taking out landlord insurance and going into the buy-to-let property market.

Additional charges like fees and taxes will be charged to landlords on top of what they have already had to pay for real estate.

A lettings expert has warned those who are entering the industry for the first time. An extra 4% will be charged on top of the price of the abode on stamp duty for buyers of £500,000 properties.

The fee then drops as the value of the property does, 3% for £250,000 and 1% for £125,000. Buying a property also brings up other costs such as a solicitor fee, mortgage and administration charges. Buyer who have bought apartments or flats may have to pay charges to a management company.

With a rise in house prices in October of 0.4%, these extra costs are certainly something to look into. Cheaper landlords insurance will give you extra peace of mind and more money left in your pocket.

 

Source- Simple

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