HSBC BUY-TO-LET GUIDE TO THE UK MARKET
2016-03-27
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STAMP DUTY HOLIDAY FOR PROPERTIES COSTING UP TO £500,000 AND COMPLETED BEFORE APRIL, 2021 IN ENGLAND
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland. First-time buyers will not be taxed if the property is costing £500,000 or less and the legal transaction is being completed before April 2021, more expensive properties will only be taxed on their value above that amount.
A report by HSBC on the current UK property market, in which key changes in property prices, underlying rental demand, supply and demand, rental trends, and economic uncertainty, etc. are discussed.
Unveiling its policy plans as the Conservative Party conference began yesterday, the government said it would begin consultations on Sunday to increase the stamp duty on individuals and companies not paying tax in the UK.
Tourists from Hong Kong and mainland China have started a trend. As London becomes too costly, Manchester – beneficiary of “northshoring” – has emerged as an attractive destination.
Rishi Sunak is preparing to extend the stamp duty holiday by three months until the end of June in an attempt to keep the property market firing as Britain emerges from lockdown.