Will the recent stamp duty cuts benefit landlords and the buy-to-let market too?
It appears the stamp duty cuts announced by the Chancellor this week will benefit landlords and buy to let investors as well as home buyers.
To try and give the stuttering housing market a well needed boost Rishi Sunak has temporarily abolished stamp duty for all homes under £500,000. Although the move is primarily focussed on those looking to buy a house to live in, the move will also see buy-to-let landlords making huge savings on property purchases under the new £500,000 threshold.
Landlords do need to be aware that the 3% surcharge for additional homes (a group that includes buy-to-let properties) will still apply. However as that surcharge will instead of rather than in addition to the previous stamp duty rates, it still offers landlords an attractive cost saving.
If you are a landlord or are considering buying a buy-to-let property and would like to discuss how we can help make your next purchase easier, please email Jeremy.Tulloch@collinshoy.com or call us on 0208 515 6600.
Photo by Cytonn Photography on Unsplash