Much of last week’s news was dominated by reaction to England and Northern Ireland’s stamp duty holiday – I posted my thoughts on that last week.
It seems the rest of the UK were keen to establish a level playing field with England, as Wales and Scotland followed by introducing their own stamp duty holidays.
Unlike in England however, in Wales buy-to-let investors and second homeowners aren’t able to take advantage of the stamp duty change.
The fact that investors can utilise this cut is something of a surprise, as giving out anything to landlords is controversial politically – highlighted by Labour calling the tax a “huge bung” for investors.
It will be interesting to see if the cut prompts more investors to take advantage.
True, landlords will still have to pay the 3% stamp duty surcharge, but I think Mortgages for Business has a point when suggesting investors should buy quickly.
I know, a buy-to-let broker urging investors to buy is nothing new, but the firm makes a fair point when suggesting landlords can use their funds and expertise to beat owner-occupiers to the punch – perhaps even getting a good price before demand swells ahead of the March 31st 2021 deadline.
If landlords do look to buy, we would still urge you to be vigilant. Buy in the markets where you have the knowhow, undertake proper surveys before closing the deal and above all stay safe!
Ryan Bembridge, Editor, PropertyWire
