MyHomeMove report ‘turbo-charged’ increase in buy-to-let activity ahead of stamp duty change

RESIDENTIAL property consultants My Home Move have released their report on how the property market has responded to the news of the change in stamp duty for additional home buyers.

They report that on the approach to April, buy-to-let and second-home activity increased by 46 per cent since the additional stamp duty land tax announcement was made by Chancellor George Osborne in November 2015.

In their poll, 99 per cent of conveyancers questioned also reported an increase in clients wanting to complete their conveyancing before the April 1 deadline, to avoid the proposed additional three per cent Stamp Duty levy.

Commenting, Doug Crawford, chief executiveCEO of My Home Move, said: “Since the announcement by the government in November that additional homes were to be subject to a three per cent Stamp Duty levy, we experienced nearly a 50 per cent increase in business from people wanting to purchase a second home or buy-to-let property – fulfilling My Home Move’s prediction that the announcement would ‘turbo-charge’ the market for the first few months of the year.

“Having to pay Stamp Duty has never been popular with home buyers, so it’s no surprise that many buyers are keen to avoid additional charges by pushing for early completions."

He continued: “We know that a proportion of our clients are buying an additional property as a way of helping their children, as many can’t afford rising rents, let alone the cost of a property on their own.

“It seems unfair that the bank of mum and dad is having to be raided yet again, in order to prop up the housing market and next generation of home movers.”

For further details on MyHomeMove and its conveyancing service visit myhomemove.com.