The monthly survey showed that demand for homes in the North East rose in December, with 29 per cent of the region’s chartered surveyors reporting a rise in new buyer inquiries (up from 25 per cent in November) citing a rush to beat April’s stamp duty rise as the reason.
From April, buy-to-let investors will be required to pay three per cent more in stamp-duty charges than residential buyers purchasing the same home. The Chancellor announced these measures in the Autumn Statement in a bid to encourage first-time buyers.
Encouragingly, 33 per cent of the North East’s chartered surveyors reported a rise in new instructions (homes coming on to the market) last month, for the first time since September.
Chairman of the RICS North East Residential Professional Group, Neil Foster, said: “The start of 2016 has proved very busy and we expect this to continue as landlords and investors rush to beat the stamp duty rise in April.”