Market for buyers ripe for second homes

Northumberland Gazette latest
Northumberland Gazette latest

Land and property consultancy George F White has urged those looking to sell a property to do so now, given the increased buyer demand on buy-to-let properties as a result of the imminent stamp-duty rise.

The planned increase in the tax has created a buoyant market for sellers as buyers wanting to purchase a second home are actively looking now before the legislative change.

Gemma Miller, a manager and valuer at George F White, said: “If you are considering selling a property that is likely be sold as a second home, it is definitely worth marketing now as buyers looking to invest will likely want to do so before the increase comes into play in April.”

From April, there will be a three per cent stamp-duty increase, on top of existing stamp-duty rates, for every buy-to-let and second home purchase, meaning three per cent is paid on the first £125,000.