second homes
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Agencies & People
Estate agency to close after director blames ‘anti second homes’ tax
Jane Edwards says demand for second homes in Pembrokeshire has collapsed after the county council tripled council tax for those owning this kind of property.
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Housing Market
Estate agents slam Welsh Stamp Duty hike plans for second homes
Stamp Duty or LTT variation would complicate the buying process, and negatively impact the market, says Propertymark.
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Latest property news
Welsh proposals to restrict second homes will hurt agents says Propertymark
Trade association says using planning rules to manage property sales in holiday and second home hotspots will hurt the industry and overall housing market.
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Latest property news
LibDems attack Government over ‘lack of action’ on second home sales during Covid
Housing spokesperson Tim Farron says party is not against second homes, but says needs of local families should come first in rural holiday hotspots.
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Latest property news
Have we got it right on second homes policy in our holiday ‘hotspots’?
Welsh Propertymark representative Angela Davey gives The Negotiator readers her perspective on this political hot potato topic.
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Latest property news
Estate agents: note new tax rules for second homeowners
Property owners who are selling a residential property in the UK are being reminded by HM Revenue and Customs (HMRC) about important deadline changes when paying Capital Gains Tax.
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Latest property news
Backlash against second homes gathers pace in the South West
The backlash against second homes continues after campaigners within the village of Mevagissey in Cornwall submitted plans to block outsiders buying new-builds to use as holiday homes in the picturesque fishing port. The move follows the Chancellors move in his Autumn budget two years ago to increase Stamp Duty on properties bought as second homes by an additional 1%, and three other villages and towns which have also introduced new-build bans. In Cornwall these include – most famously – the coastal community of St Ives but also St Minver and Rame Peninsula, and Lynton in Devon. In a recent poll of Megavissey residents by the county council, 56% said they didn’t want to see any more housing within the parish, 74% said they would support restricting the number of holiday or second homes being bought within the village, with only 16 opposed to such moves. Development plan In Mevagissey locals have included the new rules within the village’s Neighbourhood Development Plan or NDP, which must be then approved by Cornwall Council. Holiday homes make up a quarter of the village’s property market, and its average price according to Rightmove is £299,587, nearly £50,000 more than the Cornish average of £250,000,…
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Latest property news
Stamp Duty: the hidden issues
The new surcharge on properties purchased as second homes or as a buy-to-let has caused disbelief and fury – but there is more to it than meets the eye. David Gibbs (left), Taxation Partner at London based Alliotts accountants has the informed view, “The consultation paper makes clear that the proposed Stamp Duty charge is an additional three per cent on the whole of the purchase price. For example under the current rules, Stamp Duty on a second property costing £200,000 is £1,500. From 1st April 2016 this will rise to £7,500 – a 500 per cent hike. The draft rules are very tightly drawn so that the additional rate applies if ‘at the end of the day of the transaction’ an individual owns more than one property. “There are exceptions. If you are replacing your main home you are exempt from the charge. So if for example, you own a second property and purchase a new ‘main home’ then the additional charge won’t apply. Buyer beware – the old home must have been sold by the end of the same day that the new home is purchased. The additional rate will apply if it is. There is a proposal…
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