If you’re considering investing in a second home or buy-to-let property then leading housebuilder Linden Homes is advising you to act now to beat the Stamp Duty increase.
Announced in the Autumn Statement 2015, new buy-to-let Stamp Duty rates will apply from April 2016 meaning property investors in England and Wales will now have to pay an additional three per cent surcharge on each Stamp Duty band.
Adam Champion, business development director at New Homes Mortgage Helpline, said: “If you’ve got a lump sum pension or money sitting in a savings account then it’s definitely the time to be investing in a buy-to let-property, before the Stamp Duty increase.”
For example, on properties worth between £125,000 and £250,000, where two per cent Stamp Duty normally applies, buy-to-let landlords will now pay a total of five per cent.
For the average buy-to-let purchase of £184,000, that means an additional £5,520 will be payable in Stamp Duty from April 2016.
Adam added: “There’s a saying ‘safe as houses’ and as long as you’ve exchanged and completed on a buy-to-let property before the end of March then you’ll definitely be safe as houses!”
Robert Flood from Bristol bought a buy-to-let property at Linden Homes’ Emerge development in Devonport. Speaking about the new Stamp Duty rates, Robert commented: “I’m relieved that I bought when I did and would recommend anyone considering investing in property to move now to make the most of their money. If I bought the two bedroom home in April 2016, I would have to spend an additional £3,999.50 in Stamp Duty tax!
“I’m delighted with our new home as it means we have a nice nest egg for when we retire, so it’s been a very sensible investment.”
Brian Deacon, sales and marketing director, of Linden Homes, said: “There is a limited amount of time for homebuyers to save on Stamp Duty so we’re encouraging people to visit our developments to discover how we can help them maximise their investment.”
Linden Homes has a number of homes that will be ready for occupation by the end of March in:
- Beechfield Grove in Plymouth
- PQ2 in Plymouth
- Emerge in Plymouth
- Tithe Barn in Exeter
- Camomile Lawn in Totnes
- Meldon Fields in Okehampton
- Kings Gate in Kingsteignton
- Orestone View in Goodrington
- White Rock in Paignton
- Coast @ Two Coves in Duporth
- Three Rivers in Truro
- College Farm in Penryn
- Boslowen in Camborne
- Home @ Heartlands in Redruth
-ENDS-
Media can contact Emma Mackay on 01626 356666 or 07738312960 for more information, images and interviews with Linden Homes.
