HomeLatest NewsStamp Duty preventing Landlords buying new properties
Stamp Duty preventing Landlords buying new properties
Posted on 05/12/2017 by Sulgrave Estates
Over two thirds of landlords are reluctant to invest in new properties as a result of the Government’s stamp duty levy on additional properties according to the latest research from the Residential Landlords Association (RLA). The initial findings of a survey of over 3,000 landlords finds that 68% were being put off purchasing any additional homes to rent as a result of the 3% stamp duty levy on such purchases introduced in April last year.
The measure was introduced by George Osborne as Chancellor in an effort to support first time buyers into home ownership. However, figures from UK Finance show that between August and September 2017 there was a 10 per cent fall in the number of mortgages provided to first time buyers. In the year to September 2017 the figure fell by one per cent. The Royal Institution for Chartered Surveyors has reported that a further 20 per cent of respondents to its latest survey reported a fall in new buyer enquiries in October.