New, extra 3% Stamp Duty on BTL?
Discussion
onedsla said:
Coupled with the April changes, this sounds like a good way to push up rent, making it even harder for first time buyers to build deposits.
Rents are a function of demand / supply, not a function of cost to purchase. In fact, the cost part is driven by the rents - not the other way round. Putting 3% more SD on the BTL sector will marginally ease the competition between FTB's and wannabe landlords, potentially reducing the market price of a house slightly, but I can't see any way mechanism where SD will impact market rate for rentals.So, an extra 3% SD on 2nd homes. Currently our 1 and only home is jointly in mine & wife's names - Is it possible to put our current home in to 1 of our names only, and the other to then purchase a 2nd home in their name only and avoid the extra 3% SD?
I suspect this would not be allowed, but does anyone know for sure?
I suspect this would not be allowed, but does anyone know for sure?
andy_vtec said:
So, an extra 3% SD on 2nd homes. Currently our 1 and only home is jointly in mine & wife's names - Is it possible to put our current home in to 1 of our names only, and the other to then purchase a 2nd home in their name only and avoid the extra 3% SD?
I suspect this would not be allowed, but does anyone know for sure?
Treasury has I think confirmed that unmarried couples will be able to do this. I suspect this would not be allowed, but does anyone know for sure?
I asked this on the other thread running about this, but what do we think about someone in the position of owning a buy to let for some time, and their main residential property some time. Should you wish to sell and move residential property will you pay an extra 3% stamp duty? Thats really going to sting a few people.
As a property insurance broker with landlords insurance being the bulk of what we, this additional announcement concerns me.
I had planned on building up a portfolio of my own. Interested to hear from prospective and current BTL landlords on your plans going forward in light of the latest announcements. Putting you off?
I had planned on building up a portfolio of my own. Interested to hear from prospective and current BTL landlords on your plans going forward in light of the latest announcements. Putting you off?
Having been overseas for a few years, I currently live in a rented property, but have a flat which is rented out (bought as a foothold in the uk market whilst overseas) , does this mean that I will have to cough the extra 3% if I buy a primary residence whilst still owning my flat?
If anyone wants to buy a flat in Ipswich, PM me.....
If anyone wants to buy a flat in Ipswich, PM me.....
Edited by sawman on Wednesday 25th November 20:51
SDLT examples from Treasury: A £200,000 property will cost you £1,500 SDLT if it's your first home, £7,500 SDLT if it's your second. A £500,000 home will cost you £15,000 if it's your first home, but £30,000 if second. If you're in the market for a £200,000 BTL, you'll pay an extra £6,000 upfront.
Hopefully this is just the start of the government using the tax system to strongly disincentivise not just BTL, but residential property speculation more widely.
It is a national disgrace that speculators can own dozens of homes, while others have none.
Property prices and rents are both far too high, and if these measures are the start of government action to reverse both, Britain will be better for it.
It is a national disgrace that speculators can own dozens of homes, while others have none.
Property prices and rents are both far too high, and if these measures are the start of government action to reverse both, Britain will be better for it.
Bother. I was looking at selling off a couple of places (110-120k price range) next year but this will kybosh that plan. Had to happen though, the current situation is very unfair for anyone looking to buy their first house. This seems like a good way to do it too.
Ginge R said:
It won't kill BTL but it will sort the men from the boys
Is one of the most stupid comments that I've ever read on here, but fairly typical of the elitist nonsense that I've come to expect. Expendable income, the definition of what makes a man. Gassing Station | Finance | Top of Page | What's New | My Stuff