Market for buyers ripe for second homes

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.
Brought to you by the Northumberland Gazette.Brought to you by the Northumberland Gazette.
Brought to you by the Northumberland Gazette.

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.”

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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.