Buy-to-let properties have seen a spike in demand as prospective landlords rush to beat George Osborne’s stamp duty tax hike, according to a survey by the RICS.
Demand for new properties has increased by 16% since the chancellor announced changes to stamp duty in the Autumn Statement, the RICS UK Residential Market Survey found.
From April, buy-to-let investors will be required to pay 3% more in stamp duty charges than residential buyers looking to purchase the same home.
In December, the survey found demand for new properties reached a three-month high, with chartered surveyors citing a rush to beat April’s stamp duty rise as the reason.
RICS chief economist Simon Rubinsohn said: “The housing market has experienced an unusually buoyant December. The industry has been speculating that this is the result of the chancellor’s announcement last November.
“Potential buy-to-let investors are looking to pick up properties before the increased stamp duty levy comes into force in April.
“If that is the case, then we can expect to see the housing market heating up further over the next few months.”
To send feedback, e-mail Louisa.Clarence-Smith@estatesgazette.com or Tweet@LouisaClarence or @estatesgazette
