Will 3% Ruin The Property Market?

If you were unaware, the Government imposed Stamp Duty Land Tax (SDLT) changes on anyone buying a second home.  As of 1^st April 2016, the SDLT rate on purchasing/investing in a second property has increased. For example, before 1^st April 2016, if you were investing in a property with the value of over £250,001 you would have to pay an SDLT rate of 5%, after the 1^st April 2016 the rate rises to 8%.  To put this in perspective, the average house price in Brighton is £352,037, you would pay £17,851.85 before the 1^st April 2016.  Continue reading →