Demands are still high in the property market
PUBLISHED: 10:37 27 May 2016
Property news from around the county. This month: property market demands still high
WHEN George Osborne delivered his eighth Budget speech as Chancellor in May, the eyes of the property world were waiting to see what latest plans and ideas the government had for the housing market. According to John Bray, director at Edward Taub in Buckhurst Hill the much anticipated stamp duty surcharge became a reality. He explains: ‘From now on, anybody purchasing a buy-to-let property or second home will have to pay an extra 3% stamp duty land tax. The fears were that this would either deter potential investments landlords, or that rents would have to increase in order to sustain the expected returns that landlords have come to expect. It is now more important than ever for local agents to help their investor landlords to identify suitable properties with attractive yields as long term the capital appreciation will offset the extra stamp duty costs.’
John adds: ‘A few weeks later the dust is beginning to settle and it appears that confidence in the market is returning. Demand still remains high from tenants and it seems that property remains a great option for mid-long term investment.’
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