Research by conveyancing experts My Home Move has revealed that activity within the buy-to-let and second home market has risen by a massive 46% since the announcement in November last year that an additional 3% stamp duty surcharge would be introduced.
Another survey carried out by My Home Move also showed that 99% of conveyancers have witnessed a rise in clients wanting to complete their conveyancing before the April 1 deadline, after which the extra 3% stamp duty levy on buy-to-let properties and second home buyers comes into play.
“Since the announcement by the Government in November that additional homes are expected to be subject to a 3% Stamp Duty levy, we have experienced nearly a 50% 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," Doug Crawford, CEO of My Home Move, commented.
“Having to pay stamp duty has never been popular with home buyers, so it’s no surprise that many are keen to avoid additional charges by pushing for early completions," he added.
"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. When stamp duty changes come into force from 1st April, then it seems unfair that the Bank of Mum and Dad will have to be raided yet again, in order to prop up the housing market and next generation of home movers.”