Property boom to beat tax whammy
With an increase in VAT and stamp duty coming into effect in the New Year, there is likely to be a rush to buy in order to beat the triple tax whammy.As various hard-won tax concessions are being dropped and higher rates coming back into play, it will inevitably hit people in their pockets at a time when they need it least.
In the new year, buyers of properties under £175,000, who were previously exempt from stamp duty, will have to pay 1% on properties over £125,000 – which will add an extra £1,600 on the price of an average first time property of £160,000.
As more buyers become aware of this, the inevitable consequence will be a rush to buy, fuelling a mini-boom between now and the end of the year. If you are looking to sell your property, now is a perfect time to capitalise on the increasing number of buyers.
Labels: estate agency, estate agent, property auctions, stamp duty, VAT
posted by blogger @ 10:47
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