Stamp Duty Rise Good For Market
Some good news for the beleagured property market today. The Government has raised the threshold for stamp duty to £175,000 which should help some first time buyers get onto the ladder.
The move was welcomed by Nottingham property expert Frank Flegg, Director of investment company Happy Homes Investments Ltd.
Mr Flegg said: “This is very good news and will help the market to turn a corner. By increasing the stamp duty threshold to £175,000 the Government has made many properties, especially those in the more desirable areas of Nottingham, stamp duty exempt and an even better prospect for Buy to Let investors.
“The number of occupiers choosing to rent rather than buy is continuing to increase due to the perception of difficulty in buying. This is helping rental yields stay at their strongest levels in years. Happy Homes are now sourcing properties with yields above 10% for the first time in many years.
“One of the key lenders, Birmingham Midshires dropped their very popular Buy to Let rate by 0.5% over the weekend – a great sign of returning confidence in property from the banks.”