£8,700 boost to Bexley Borough First time buyers
There’s a whole legion of wannabe first-time buyers keen to get on the property ladder – and now they have a 3% price advantage over the army of landlords with cash at the ready who used to be quicker to respond. Since the start of April, buy to let landlords have had to pay an additional 3% in stamp duty. This means that, whilst demand from some Bexley Borough buy to let landlords has declined, it offers first time buyers (FTBs) a chance to fill the vacuum with less competition from cash rich landlords ( over two thirds of BTL properties were purchased without a mortgage in the last 7 years ) who can bid more and complete more quickly. The average value of a terraced house in Bexley Borough currently stands at £291,500, so if a FTB went up against a landlord, the landlord would have to pay an additional £8,745 in stamp duty. Early anecdotal evidence from fellow property professionals suggests landlords are reducing their offers slightly to reflect the extra stamp duty. ...