6 April 2017 marks the start of a 4-year period during which the proportion of the landlords borrowing costs that could be offset against tax will come down to zero. The changes were announced in the 2015 Budget with the aim to restrict the relief for finance costs including mortgage interest, interest on loans to buy furnishings and fees incurred when taking out or repaying mortgages or loans. The change...
Spring Budget 2017 has left most the UK property businesses disappointed as there was no change to SDLT (Stamp Duty Land Tax) and new buy-to-let taxes despite numerous industry calls for the rethink of the both. Here below are the main points from the Spring Budget 2017 UK economic growth hiked to 2 per cent from 1.4 per cent this year but the forecast growth rate until 2021 remains the same...
London Help To Buy, provided by the Government, was launched in February 2016 and is available for properties across all London boroughs. London Help to Buy applies to newly built homes worth £600,000 or less and is available to both: first-time buyers and home movers. The Government lends up to 40% of the cost of a new London home; the buyers need to raise a deposit of at least 5% and to secure...
Stamp duty surcharge should be considered when buying a second home for your own use or as a buy-to-let investment. In either case, since April 1, 2016, a stamp duty surcharge of three percent has been levied on second homes. Stamp duty (stamp duty land tax or SDLT) – is a tax paid by homebuyers when they purchase property or land. For more details about the current SDLT rates see...
Sales activity in the UK residential market is increasing, but a slow start to 2017 is expected due to a lack of stock. The RICS UK Residential Market Survey published on 8 December suggests a slow recovery in housing sales for the start of 2017. It predicts that the sales activity is likely to pick up but at a rather modest pace. The housing market will continue to be impacted by the macro-uncertainty,...
4 top policies affecting property from the new Chancellor Philip Hammond’s Autumn Statement Ban on lettings agency fees to tenants in England and Wales. The policy is to be implemented as soon as possible. More money for the housing infrastructure: a £2.3bn Housing Infrastructure Fund to support up to 100,000 new-build homes. Additional funds for affordable homes in London: a £3.15 billion...