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Local Property Market

FOR IMMEDIATE RELEASE

LOCAL PROPERTY MARKET TO BE HIT WITH NEW STAMP DUTY RATES

Reading, England – 16th March 2016 – Landlords and buy-to-let investors in the Reading area are due to be hit with an increase in stamp duty of 3 per cent, following the Budget announcement for 2016. From April, landlords will have to pay 3 per cent for the first £125,000, 5 per cent instead on the amount £125,001-£250,000 and 8 per cent on property’s worth £250,001-£925,000. Anyone owning a second property that isn't their main residence and buying another will also be affected by the new rates. Many will see this as the government’s way of trying to slow down the rate of buy-to-let investor growth and second property investment in favour of helping to enable first time buyers.

Paul Bampton, Managing Director of local Reading estate agents Neville Turner commented: “Many landlords in the Reading area will be affected by these changes; with areas such as Oxford Road and Central Reading holding a high level of rental properties. I would expect to see an increase in the amount of properties coming on the market for sale in these areas and will hope that the changes do not bring too much of a devastating impact on the local rental market. Many landlords are likely to sell up all or part of their stock property portfolio and invest elsewhere, with some already doing so. For those landlords with larger portfolios forming a company to avoid the higher rate Stamp Duty tax remains an option.”

 

 

 

 

 

 

 

 

 

 

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