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Thursday, January 21, 2016

RICS report pre-Stamp Duty BTL surge

RICS Residential Market Survey for December has surveyors seeing a jump in buyer demand, fuelled largely by reports of a surge in BTL, as landlords 'jump in' to beat this April's Stamp Duty increases. 
  • Demand up in December to a three-month high
  • Anecdotal evidence points to a jump in buy-to-let interest leading demand
  • First rise in new instructions since beginning of 2015
According to RICS Chief Economist Simon Rubinsohn -

'The housing market has experienced an unusually buoyant December. Those in the industry have been speculating that this is the result of the Chancellor’s announcement last November. Potential buy-to-let investors are looking to pick up properties before the increased stamp duty levy comes into force next April. If that is the case, then we can expect to see the housing market heating up further over the next few months.

The belief that demand was fuelled by announcements included in the Autumn Statement was further supported by qualitative responses to the survey. Chartered Surveyor, Robert Green of Chelsea-based Estate Agent, John D Wood & Co. said: “December was busier than normal as stamp duty changes have brought buyers back to the market, ahead of April.” While James McKillop of Knight Frank, London said: “The three per cent Stamp Duty Land Tax (SDLT) proposal in the Autumn Statement has led to more buyers firming up their intention to buy additional residences in my region before 1 April.'

Read more on RICS Residential Market Survey for December 2016

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