Stamp duty hikes could offer a good opportunity for first time buyers
A stamp duty hike for people purchasing second properties such as buy-to-let investments and holiday homes comes into force from Friday.
The move will mean that people buying a second home will pay three percentage points above current stamp duty rates. While it could put off some investors and lead to some pushing up rents to offset their costs, it could also provide some aspiring first-time buyers with a window of opportunity.
The new rates of stamp duty land tax (SDLT) will apply to purchases of additional residential properties in England, Wales and Northern Ireland.
In the recent Budget, the Government confirmed that big investors will not escape the stamp duty hike, despite their contribution to the housing supply.
A consultation had considered whether it may be appr...