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Property frenzy to beat stamp duty

Shropshire’s estate agents experienced a frenzy of activity this week, triggered by the Chancellor raising taxes on second homes which is implemented today (April 1).

Head of sales at Balfours, Tim Main, said “In recent weeks we have seen record breaking turn arounds, as buyers who already have interests in other properties have focused to invest before last night’s (31.03.16) midnight deadline.  

“Our final coup was for one of the county’s most prestigious homes, the grade II listed, 18th century, Eyton Hall, to exchange and complete in a week. The main package of the seven bedroomed Hall, which has been sympathetically and extensively restored enhancing its exceptionally fine architecture, was marketed with a guide of £1.6 million.

“I’m sure we wouldn’t be alone, in experiencing a peak yesterday, it was happening across the whole of the country. From now, anyone purchasing a second home will be faced with an additional 3% stamp duty land tax (SDLT).

“This meant the last few weeks have been very active for estate agents and solicitors; whilst the average time for a property conveyance in recent years has extended to 12 weeks – buyers and solicitors have really pulled out the stops to meet the deadline.”

From now on anyone buying a second home with a purchase price of £300,000, the extra 3% Stamp Duty will equate to £9,000 (3% of the entire price). This is in addition to the £5,000 regular Stamp Duty bill on a home of this value, making the total Stamp Duty payable an eye-watering £14,000.He continues: “We have had a significant number of sales go through in record breaking time this month, which is hugely refreshing.” 

He added that the sale of Eyton Hall exchanged and completed in a week, which included the Easter bank holiday weekend!

Tim reflects: “Wouldn’t it be nice to maintain this momentum of conveyancing; we certainly wouldn’t want the market overheating, but it would be good for a sale agreed to exchange and complete within a month.”

Eyton Hall

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