What does the new announcement mean?
We are sure you’ve seen the new stamp duty changes that are taking the property world by storm.
For 8 months until the 31st March 2021, properties under £500,000 will have reduced stamp duty, even for investors. This is a huge announcement, and not just because it’ll save millions of people £1000’s.
It shows how much dedication the government has to property, and how serious they are about keeping the market stable.
This level of attention shows us that, with the government on our side, now really is the time to build and grow your portfolio.
What does it mean for you?
For investors, the stamp duty you will have to pay will be cut sharply. The only duty to pay will be added levys to investment and second homes. It means if you were looking at the top end of the scale, your bill could be reduced from £30,000 to just £15,000.
We all want extra savings!
ALL properties under £500,000 are eligible, unlike previous government schemes meaning it is not restricted to new builds.
Transactions are moving ahead at a rapid pace, but with the ending of the furlough scheme this could slow down, and with it comes a reduction in prices.
If you are wanting to buy singles lets, HMO’s even serviced accommodation, there is a golden opportunity to do that
There’s still lending for you to take advantage of these deals
Not only this but with the reduction of VAT on accommodation, if you have Serviced Accommodation units, you can pass on a 20% reduction in price to win your guests back.
Everyone appreciates a nice little discount!
With this stamp duty cut, prices dropping to below market value, VAT cuts, impending changes to commercial planning laws AND new green grants, we are truly entering a golden age for property investing IF you have the knowledge.
You could be looking at an amazing time to grow your portfolio.
How we can help
We are staying up to date with the latest information that you need. If you want to know how you can take advantage of this golden opportunity, give us a call to see what education we are currently running.
This post has been originally featured in Progressive Property