Landlords are looking to buy cheaper properties in the wake of the 3% Stamp Duty surcharge.
Countrywide said this morning that the average price paid by an investor last month was £178,000 – down from £194,000 in March, and down from £188,000 in April last year.
The average price paid by an investor in London last month fell from £436,000 in March to £365,000, meaning that landlords paid 16.4% less on a monthly basis and 8.2% less than in April 2015.
April also saw fewer landlords purchasing homes after the Stamp Duty stampede of the first quarter of this year.
There were about half the number of landlord purchasers this April than last.
Countrywide said that at the same time the number of sales to first-time buyers rose by 19%.
Average new rents across Britain were 2% up on last April, but with huge regional differences. The average rent in central London was £2,499 per month, up 3.5% year on year, but £643 in the north, up 1.4.%.
Comments (4)
“Landlords are looking to buy cheaper properties in the wake of the 3% Stamp Duty surcharge”
“Countrywide said this morning that the average price paid by an investor last month was £178,000 – down from £194,000 in March, and down from £188,000 in April last year”.
Really? Landlords are looking to save £480 on stamp?
err …. £1,060 from £5,340 = £480?
The £480 relates to the additional 3%. The difference in stamp between £178k and £194k was always there. The only variable is the new 3% load and the message in the article is about them looking to save money as a consequence of that. They could always have bought at £178k rather than £194k. It’s the suggestion that they are now doing so since the 3% surcharge which I am questioning.
I do however accept that I could have explained it better.
Thanks
Ah ha, would you like to do my annual tax returns, you would do a better job than our accountants, lol.
However the extra £4,280 (on £178k) is what the public see and gulp at.