Property investors rush to sell their property before tax hikes take effect
According to Rightmove’s recent study, there has been a 6.6% jump in the number of two and one-bedroom homes being put up for sale since the beginning of 2016 – this is the highest increase since 2007.
The surge comes just before the new tax hikes are implemented. From April landlords and second homebuyers will have to pay 3% surcharge on property purchases, resulting in fewer buyers on the market. Despite this flood of properties becoming available, prices have only increased by 0.1% since December.
Rightmove director Miles Shipside said that prices could drop even further in the coming months.
David Blythman – managing director of estate agent Scottfraser in Oxfordshire said: “We have seen a strong start to the year in Oxford with an increase in general seller enquiries while buyer demand stays strong. We’re also seeing a number of investor to investor sales with an urgency to achieve completion on deals before 31 March stamp duty deadline.
Any potential sellers considering coming to the market to take advantage of selling to an investor would need to move fast so they have the chance to complete before the end of March.”
Written by: The Team | On: January 19, 2016