There has been an uptick in the number of landlords looking to sell properties quickly amidst fears of Labour upping Capital Gains Tax in the Autumn Budget.
Upstix, a company that enables people to sell properties as quickly as seven days, saw a 33% increase in landlord enquiries the week after Labour unveiled the Renters’ Rights Bill.
Fred Jones, its chief executive, said: “In the past few weeks Upstix has seen a huge increase in enquiries from landlords looking to vacate and sell their properties to avoid any potential increases in capital gains tax that might be announced in the October Budget.
“Like the many thousands of people contacting Upstix each month wanting a quick and certain house sale along with making sure they have found the right instant home buyer, Landlords are realising that Upstix is a secure platform and lifeline for them as we can complete a purchase in a matter of a few weeks, not +7 months in the open market. “
On the general market it takes 195 days to sell a tenanted property.
Upstix typically offers 15% off market value.
The company saw the biggest increase in enquiries come from West Sussex, which was up 190% in the past 4 weeks.
Meanwhile Lancashire, the region with the most enquires overall, was up 45% over the same period.
Along with Lancashire, London, West Yorkshire, West Midlands and Kent made up over a quarter of all enquires.