Independent Financial Life Planners Bishop's Stortford: Stamp Duty Surcharge Figures Released

Thursday, 4 August 2016

Stamp Duty Surcharge Figures Released

Enable’s IFAs in Bishops Stortford know that many have turned to Buy-to-Let to help bolster pensions and lifestyle expenses. With the introduction of a higher Stamp Duty on a second home being introduced recently the real impact is just coming to light with the first figures from HM Revenue & Customs (HMRC) following the 1st April Stamp Duty surcharge for buy-to-let landlords and second homebuyers being released recently.

The figures might be able to help you decide if the buy to let market if for you. The number of property sales worth less than £250,000 was 6% higher in Q2 than the previous quarter, and 8% higher than in the same period last year. The amount of transactions worth between £250,000-£500,000 in Q2 was 2% lower than Q1, but 12% higher than in Q2 2015. HMRC’s data also shows that there were 9% fewer transactions worth over £500,000 in Q2 than the previous quarter, but 18% more than in the same quarter last year. The estimated Stamp Duty yield for Q2 2016 was £1,977m from residential transactions and £724m from non-residential transactions. This is 13% higher than the previous quarter, and 28% higher than Q2 2015.

Andrew Bridges The Managing Director of estate agent Stirling Ackroyd said: “The volume of properties sold keeps growing, and it’s at the lower end of the market where momentum is at its highest. It may be too early to call, but it seems the Government’s changes aren’t off-putting buyers from snapping up those additional properties.” If you are wondering if a second property is for you Enable’s IFAs can talk you through the options.

Source: Landlord News

Issued by: Enable Independent Financial Life Planners •  25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

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IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.