Rush to purchase buy-to-lets before SDLT surcharge

Estate agents report that there has been a significant increase in the number of buy-to-let investors attempting to push sales through before this Friday’s stamp duty deadline. Landlord investors are naturally keen to beat the 1st April deadline, after which they will pay an additional 3 per cent above existing stamp duty rates on buying a buy-to-let property. Some 85 per cent of estate agents reported an increase in the number of buy-to-let investors looking beat the stamp duty changes on second homes in February as demand for housing hit a 12-year high, with an average 463 house hunters registered per member branch, according to the NAEA. Mark Hayward, Managing Director of the NAEA, commented, “It is evident from February’s report findings that we’ve seen a real sense of urgency from landlords trying to complete on sales ahead of the stamp duty reforms. However, the mounting pressure and increased demand for housing has meant that first time buyers have had to compete with landlords for property and as a result they have lost out.” Many housing market analysts expect the new buy-to-let tax measures to dampen demand for buy-to-let investments in the near term, while there is every chance that…

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