The final month is upon us to snap up a last minute investment property before second homeowners will have to pay out an additional 3% on Stamp Duty.

The aim of this change in legislation is to put a stop to buy-to-let landlords pushing up the price of property and to raise £3.9 billion in tax to help first time buyers to take their first steps onto the property ladder. Caravans, houseboats and homes costing less than £40,000 are exempt from these extra charges and the Treasury seem to have covered all bases by strictly defining a home owners 'main residence' to restrict any kind of loophole in the system. The only leeway is if the homeowner sells their original property within 18 months as they are then entitled to a refund through HMRC.

There are differing opinions as to if and how much this measure will help to even out the property market and if it will indeed help the first time buyers or if in fact we will see an increase of rental prices due to the lack of investment properties available to tenants. Time will tell!

If you are unsure how these changes may affect you, please contact our office for some friendlyadvice on 01865 554422.