LETTINGS NEWS: If you plan to purchase a holiday home or buy to let, act quickly
If you are contemplating purchasing that dream holiday cottage in east Devon or want to become a buy to let landlord in Exeter, you would be advised to act quickly – these properties will carry a three per cent stamp duty surcharge from April 2016.
Chancellor George Osborne announced the surcharge in his Autumn Statement, leaving just four months for shrewd purchasers to find a property that suits them.
The extra sum sounds small but could make a big difference. For example, an average buy to let flat costs £184,000 and because of the change a landlord who buys at this price is expected to pay an extra £5,520 from April.
Anyone interested in buying a second home or buy to let should not be deterred – for example, both holiday and long-term rentals still produce good income. But it makes sense to buy sooner rather than later, and contact East of Exe for details of available properties.